The EUR/USD showed strong bullish price action, which increases the chance of a bullish ABC zigzag (orange).
The EUR/USD retraced back to the 23.6% Fibonacci level of wave B (orange) and could now be building a channel (red/blue).
...The Forex market showed massive momentum last week and large candles. Chris shows his trading plan for the EUR/USD and AUD/USD but also explains why he is cautious on the GBP/USD and USD/JPY, plus what could change that.
...The EUR/USD showed a strong bullish bounce last week Friday. The bullish price action confirmed the development of an ABC correction (purple), which has completed a wave X (brown) at the 50% Fibonacci support level.
The EUR/USD bul
...The EUR/USD respected the 38.2% Fibonacci retracement level of wave 4 (purple) as expected. This bullish move is most likely one piece of a larger corrective zone, which has been marked as a WXY (green). A break below the bottom and 100% Fibonacci
...The EUR/USD broke above the downtrend channel (dotted red), which is partly caused by the divergence between the bottoms (purple). The break above the resistance trend lines (dotted) could face struggle at the Fibonacci levels of wave 4 (purple).
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