Will EURUSD bullish breakouts continue? What does the following 17 July EURUSD Elliott Wave Analysis explains?
17 July, GKFX – The EURUSD made several bullish breakouts after the expected bullish reversal at support but the price is now challenging a new key resistance trend line. The bulls are in control and a bullish continuation seems likely.
17 July EURUSD Elliott Wave Analysis
The EURUSD is either still in a bullish wave A (purple) or will make a bearish retracement as part of a wave B (purple). This is the expected wave pattern if price indeed completes an ABC zigzag pattern (purple).
The EURUSD bullish breakout above the resistance line (red) could confirm one more push up within wave 5 (blue) of wave A (purple). Eventually a wave B (purple) retracement is expected.
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