2 July EURUSD Elliott Wave Analysis: EURUSD Tests Key Fibonacci Levels


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.

EURUSD

4 hour

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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.

1 hour 

EURUSD

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.

Disclaimer

This article 2 July EURUSD Elliott Wave Analysis was provided by GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

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