4 hour
The EUR/USD seems to have completed a wave 4 (pink) correction after building a bearish turn at a 38.2% Fib resistance zone. Price is now building a potential 5th wave within wave A (purple) if price is able to break the support trend lines. The main target is 1.1450 due to the presence of a 50% Fibonacci retracement level on the weekly chart.
1 hour
The EUR/USD seems to be building an ABC correction within wave 4 (purple) at the moment. The Fibonacci levels of wave 4 are potential resistance spots which could indicate a downtrend continuation but a breakout above the 50-61.8% Fib makes a wave 4 pattern less likely.
4 hour
1 hour
Origin: Admiral Markets
