EURUSD Faces Resistance zone – Will Bears Take Over?

Mar 12

The EURUSD(EURUSD) has reached the Resistance zone($1.0983-$1.0916) as I expected in my previous post. Can the EURUSD break the Resistance zone($1.0983-$1.0916)?

EURUSD is moving near the Resistance zone($1.0983-$1.0916), the Resistance line, and Yearly Resistance(1).

According to the Elliott Wave theory, EURUSD seems to have completed 5 impulse waves and we can expect Corrective Waves.

Also, we can see the Regular Divergence(RD-) between Consecutive Peaks.

I expect the EURUSD to decline to at least the Support zone($1.0817-$1.0760) in the coming hours after breaking the lower line of the ascending channel. One of the EURUSD targets could be as wide as the ascending channel.

Note: If EURUSD breaks the Resistance zone($1.0983-$1.0916), we can expect more pumps.

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Euro/U.S. Dollar Analyze (EURUSD), 1-hour time frame.

Be sure to follow the updated ideas.

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Mar 13

Trade active

Trade was activated near the Resistance line.

Mar 14

Trade closed: target reached

Target Done