EUR/USD Bullish Bounce at 1.15 Round Level Support

Oktober 03, 2018 12:11

EUR/USD

4 hour

Source: Admiral Markets MT5 with MT5SE Add-on EUR/USD motive wave – accessed 3 October 2018 at 8:30 AM GMT

The EURUSD currency pair made a bullish bounce at the support trend line (green) and the round level of 1.15. The bullish reversal could indicate the end of a potential wave A (purple) and the start of a wave B (purple), which could lead to a larger ABC pattern within wave X (pink). The continuation of the wave B seems more likely if candlestick patterns are able to break above the resistance trend lines.

1 hour

Source: Admiral Markets MT5 with MT5SE Add-on EUR /USD motive wave – accessed 3 October 2018 at 8:30 AM GMT

The EUR/USD currency pair's bullish bounce could indicate a wave A (blue) of a larger ABC (blue) pattern in wave B (purple). A bearish retracement could lead to a bounce at the Fibonacci levels of wave B vs A, but a bullish breakout is needed to confirm this potential pattern. A break below the 100% Fib invalidates the ABC wave pattern.

Daily

Source: Admiral Markets MT5 with MT5SE Add-on EUR /USD motive wave – accessed 3 October 2018 at 8:30 AM GMT

The EUR/USD currency pair is showing a potential larger WXY correction (pink) within wave B (purple). A break below the bottom at 1.13 could indicate a change of wave patterns.

This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.