EUR/USD Is Testing Critical Support In Uptrend Channel


EUR/USD

4 hour

Source: Admiral Markets MT5 with MT5 EUR/USD motive wave

The EUR/USD is testing the support trend line (blue) of the bullish trend channel. A bearish breakout could indicate the end of wave A (purple) and the start of a wave B (purple), whereas a bullish bounce could extend the wave A to a higher high. The zone of resistance confluence at around 1.1750-1.1780 is still active and could stop the price from moving higher.

1 hour

Source: Admiral Markets MT5 with MT5 EUR/USD motive wave

The EUR/USD could be in a potential ABC (green) correction if the price breaks below the uptrend channel. A break above the resistance trend line (orange) however, could indicate a bullish breakout towards the Fibonacci targets of wave 5.

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