EUR/USD Uptrend to Continue at 1.10 Support Zone
Dear traders, the EUR/USD is building a bullish channel after a large bearish decline. What is the next expected price swing within the roller coaster ride of 2020?
4 hour chart
The EUR/USD bearish swing could have completed a wave 5 (purple) of a larger wave 3 or wave A. The current bullish price swing could therefore be a wave 4 (pink) or wave B. If that is true, then more bullishness is expected. The next swing could complete wave 5 (blue) of a larger ABC (purple) correction. This becomes invalidated (red x) if price breaks below the 61.8% Fib. But if price bounces at the Fib levels, then there is a good chance that price will reach the 38.2% Fib of wave 4 vs 3.
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
