EUR/USD Bullish ABC Pattern Might Aim at 1.1339

Dear traders, the EUR/USD is building a range as price action is unable to break the tops or bottoms. The pattern remains bearish as long as price remains below 1.1339 and the 38.2% Fibonacci of wave 4 vs 3.

4 hour chart

EUR/USD 4 hour chart

The EUR/USD volatility is slowing down after a wild ride up and down. The wave patterns remain vulnerable to changes. Currently an ABC (purple) pattern seems the most likely candidate within the wave 4 (pink). One more push up is therefore expected (green check) but this wave pattern is invalidated (red x) if price breaks support first. Price is expected to restart the downtrend at the 38.2% Fib of wave 4 vs 3.

EUR/USD chart

Good trading,

Chris Svorcik

The analysis has been done with the help of SWAT method (simple wave analysis and trading)

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