EUR/USD Bearish Impulse Breaks 1.15 Round Level

EUR/USD

4 hour

(Click on image to enlarge)

EURUSD Hourly Chart - Wave Analysis

Source: Admiral Markets MT5 with MT5SE Add-on EUR/USD motive wave – Accessed 4 October 2018 at 5:00 AM GMT

The EURUSD currency pair made a bearish break below the major support trend line (dotted green) and the round level of 1.15. The bearish breakout and candlestick patterns could indicate a change of trend and make a bearish continuation more likely. This makes it likely that a potential wave B (purple) has been completed, and that the price is starting a bearish wave C (purple).

1 hour

(Click on image to enlarge)

EURUSD Hourly Chart - Wave Analysis

Source: Admiral Markets MT5 with MT5SE Add-on EUR /USD motive wave – accessed 4 October 2018 at 5:00 AM GMT

The EUR/USD currency pair broke below the support trend lines (dotted) after completing an ABC (orange) correction. The price is now falling towards the Fibonacci targets of wave 5 vs 1+3.

Daily

(Click on image to enlarge)

EURUSD Daily Chart - Wave Analysis

Source: Admiral Markets MT5 with MT5SE Add-on EUR /USD motive wave – accessed 4 October 2018 at 5:00 AM GMT

The EUR/USD currency pair bearish breakout is decreasing the chances of a potential larger WXY correction (pink) within wave B (purple), and making it more likely that the wave B (purple) has already been completed.

Disclaimer: The opinions in this article are for informational and educational purposes only and should not be construed as a recommendation to buy or sell the stocks mentioned or to solicit ...

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