EUR/USD Bullish Channel Aims at 1.18 Resistance Zone

news_22_feb_1_euro_usd4 hour

The EUR/USD is in a small bullish channel which managed to break above a key resistance trend line (dotted green). The bullish breakout could indicate a continuation towards the Fibonacci targets of wave C vs A and the previous top (red box), which could be part of a larger bullish and choppy correction within wave B (light purple).

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The EUR/USD needs to break above the resistance trend line to continue higher within the bullish channel. A wave 3 is only confirmed if price manages to break above the channel for an impulsive move towards 1.18, which could then be followed by a bullish correction like a bull flag.

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Origin: Admiral Markets

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