EUR/USD bullish reversal indicating start of ABC zigzag pattern
The breakout above the resistance trend lines confirms the continuation of the uptrend.
Price charts and technical analysis
The EUR/USD seems to have completed the wave B at the 61.8% Fibonacci support zone.
Why? Because the strong bullish bounce is indicating the start of the wave C zigzag pattern.
The breakout above the resistance trend lines confirms the continuation of the uptrend :
The ABC zigzag is now aiming for the -27.2% and/or -61.8% Fibonacci targets around 1.12225-1.23.
This is where we expect the wave B of larger ABC correction to be completed.
Price should fall once again for a wave C of wave 4.
Only a deeper retracement could place the bulls on hold.
Price charts and technical analysis
The EUR/USD seems to have completed the wave B at the 61.8% Fibonacci support zone.
Why? Because the strong bullish bounce is indicating the start of the wave C zigzag pattern.
The breakout above the resistance trend lines confirms the continuation of the uptrend :
The ABC zigzag is now aiming for the -27.2% and/or -61.8% Fibonacci targets around 1.12225-1.23.
This is where we expect the wave B of larger ABC correction to be completed.
Price should fall once again for a wave C of wave 4.
Only a deeper retracement could place the bulls on hold.