EUR/USD is in a free fall after dropping 700 pips from 1.15 to 1.08 in just 4 weeks. The EUR/USD has managed to reach the 88.6% Our weekly Elliott Wave analysis reviews the EUR/USD, the Bitcoin crypto currency, and the US30.
EUR/USD Technical Analysis.Euro weekly chart.The EUR/USD is in a free fall after dropping 700 pips from 1.15 to 1.08 in just 4 weeks:
The EUR/USD has managed to reach the 88.6% Fibonacci retracement support level at 1.08.The support zone (blue box and green line) could cause the EUR/USD to pauze its downtrend.
If price action builds a bear flag pattern (gray lines), then a downtrend continuation is expected. In that case, price action is probably building a wave 3 (pink or gray). A shallow retracement indicates a wave 3 (gray) of wave 3 (pink) but a deeper retrace could indicate a wave 4 (pink) instead.
If price action is more bullish (green arrow), then a larger bullish retracement is expected to take place. In that case, a wave D-E (pink) pattern is expected.
An immediate break below the support zone could indicate an immediate downtrend.
BTC/USD Technical Analysis.BTC 4 hour chart.The Bitcoin crypto pair (BTC/USD) made a huge bullish bounce up but price action was unable to break above the resistance (orange):BTC/USD has probably made a wave B (gray) at the lower high.
US30 Technical Analysis.Dow Jones weekly chart.The US30 is in a downtrend channel after breaking below the support zone (dotted green lines):
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