EUR/USD Bears Break Support and Aim at 1.10

Chris Svorcik Elite CurrenSea

The EUR/USD broke below the support zones (dotted lines) for a bearish breakout as expected. The bears remain in control and aim for 1.10 support.

4 hour chart

The EUR/USD chart remained bearish after lower highs were confirmed earlier in January. The pullbacks were labelled as waves 4 (orange / dark red), which indeed proved to be correct as price broke below the support trend lines. The current push lower is probably a wave 3 (green) of a larger ABC (blue) correction.

1 hour chart

The EUR/USD remains bearish as long as price action stays below the resistance zone (red) at the consolidation area. A bullish break invalidates (red x) the wave outlook whereas a bearish continuation confirms (green check) the downtrend. The main target zone is the 1.0950-1.10 support zone.

The analysis has been done with the CAMMACD.Core System.

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Author

Chris Svorcik

Elite CurrenSea

Experience Chris Svorcik has co-founded Elite CurrenSea in 2014 together with Nenad Kerkez, aka Tarantula FX. Chris is a technical analyst, wave analyst, trader, writer, educator, webinar speaker, and seminar speaker of the financial markets.

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