Dear traders,how to clean a silicone nectar collector the
EUR/USD
is breaking the counter trend resistance lines (dotted red) for a potential bullish reversal. The bullish breakout could confirm a wave C (purple).
4 hour chart
The EUR/USD needs to break above the 1.10 round level to confirm (green check) a larger push up. A break above 1.11 is making it even more likely that the current bullish price swing is a wave 3. The main target could be all the way up at 1.1339, which is the 38.2% Fibonacci retracement level of wave 4 vs 3.
A break below the bottom and 100% Fibonacci level at 1.0636 invalidates (red x) the bullish wave outlook. A break below the 21 ema zone and support trend line (blue) already makes the current impulsive wave 3 (green and blue) unlikely.
Good trading,
Chris Svorcik
The analysis has been done with the help of SWAT method (simple wave analysis and trading)
For more daily technical and wave analysis and updates, sign-up up to
our newsletter
This
article
was originally posted on FX Empire
More From FXEMPIRE:
GBP/JPY Weekly Price Forecast – British Pound Struggles Towards the End of the Week
Oil Swings Between Gains And Losses On The First Day Of Production Cut Deal
USD/JPY Weekly Price Forecast – US Dollar Breaks the ¥107 Level
EUR/USD Price Forecast – Euro Running Into Resistance
EUR/USD Mid-Session Technical Analysis for May 1, 2020
Silver Price Daily Forecast – Silver Settles Below $15.00
View comments