Education

More Downside On EURUSD After A Bounce

Updated

On February 16th EURUSD found a top and since then has been trading strongly to the downside, especially from March highs when pair turned lower into a new five-wave impulsive reaction. An impulse is a five-wave development that indicates the direction of the trend and in our case this is to the bearish side. Now as we look closer, we can see price specifically in sub-wave 3 approaching some Fibonacci levels here around 1.1823/1.174 region, where bearish run can slow down and a new temporary pullback as wave 4 can start to unfold. If the pullback is really coming into play soon, then later price may rise towards the lower side of the channel line, which can in many cases react as a resistance, so be aware of a new turn down from around 1.1960/1.2030.

Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.

Note

Nice turn up from support we highlighted and and then also a perfect turn down from resistance we pointed out for wave four! downtrend back in play. chart update tomorrow. gh

Note

EURUSD is making a sharp and strong drop to the downside; support can be around 1.1700/1.1630 area.

ew-forecast

Explore our services
👉wavetraders.com/elliott-wave-plans/

Learn Elliott Waves
👉 wavetraders.com/academy/

Newsletter Sign up
👉 bit.ly/3FVPVzO

Also on:

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.