4 hour
The EUR/USD continued to move lower within the bearish channel but price has now reached the 38.2% Fibonacci level of wave 4 (purple). This could be a potential bounce spot if price does complete the wave 4 correction. A break above resistance (red/orange) could see the start of a wave 5 (purple).
1 hour
The EUR/USD failed to break above resistance and in fact extended the bearish correction. The wave pattern however remains most likely an ABC (green) correction. Whether the wave C (green) is indeed completed depends if price can break above the potential bottom of wave 1 (orange), otherwise one more lower low as part of wave 4-5 (orange) could occur.
4 hour
1 hour
Origin: Admiral Markets
