EUR/USD Forecast. Wave Analysis

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The EUR/USD remains in a bearish channel which is probably part of a wave 4 (purple) correction as long as price stays above the Fibonacci levels (purple). A break above resistance (red/orange) could see the start of a wave 5 (purple). A break below the 50-61.8% Fib support makes a wave 4 less likely.

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The EUR/USD indeed made one more lower low within a wave 4-5 (orange). The bullish bounce could indicate a potential bullish wave 1-2 (blue) but price would need to break above resistance to confirm a potential wave 3 (blue) breakout.

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Origin: Admiral Markets

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