EUR/USD Consolidation Zone Prepares for Critical Breakout
The EUR/USD is in an uptrend but unable to push beyond the 1.1350 resistance (red box). This could increase the chance of a bearish ABC wave pattern.
4 hour chart
The EUR/USD needs to break below the 21 ema zone and 144 ema close to confirm a bearish wave 3 of wave C (purple). The bearish breakout (orange arrows) could aim for the 38.2% Fibonacci level at 1.11.
The EUR/USD bullish breakout above the resistance could restart the uptrend and aim for the wizz 7 target at 1.1425. The next target is at the round level of 1.15.
Good trading,
Chris Svorcik
The analysis has been done with the indicators and template from the SWAT method (simple wave analysis and trading). For more daily technical and wave analysis and updates, sign-up to our newsletter
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This article was originally posted on FX Empire
