4 hour
The EUR/USD has extended the bearish correction as mentioned in yesterday’s analysis. This increases the chance of a larger bearish retracement within wave 4 (green) towards the Fibonacci retracement levels of wave 4 vs 3. A break above the current top at 1.1490, however, indicates a likely uptrend continuation and invalidates a larger correction within wave 4.
1 hour
The EUR/USD completed the ABC (brown) and bounced at resistance trend line (red) and the 61.8% Fibonacci resistance level at 1.1450. A break below the support trend line (blue) could see a continuation wave c (brown) whereas a break above resistance (red) could expand the wave b (brown) correction.
Origin: Admiral Markets
