EURUSD is approaching multiple key resistance zones, which are decisive bounce or break spots.To confirm a wave 4, the EURUSD needs to bounce at the Fibonacci levels. Learn more in the following 2 July EURUSD Elliott Wave Analysis.
2 July, GKFX – The EURUSD is approaching multiple key resistance zones, which are decisive bounce or break spots. A bearish bounce could send price back to support whereas a bullish breakout could indicate one more push higher.
2 July EURUSD Elliott Wave Analysis
The EURUSD could also be in wave 4 (pink) if price manages to break below the support trend line (blue). For the moment price is probably completing a bullish wave C (purple) within wave W (pink), which indicates that a bearish retracement could be part of a wave X.
The EURUSD might not have completed the wave C (purple) if price is indeed in a wave 3 (blue) at the moment. To confirm a wave 4, the EURUSD needs to bounce at the Fibonacci levels. A break below the 61.8% Fib at 1.16 invalidates this particular wave pattern.
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