The EUR/USD made a bullish bounce at the 61.8% Fibonacci retracement level of wave 4 vs 3, which could indicate a potential uptrend.
EUR/USD
4 hour
The EUR/USD will need to break above the resistance trend line (red) of the correction before an uptrend is possible. The bullish breakout (green check) should aim for the Fibonacci targets of wave 3 vs 1 with as main target the 161.8% Fibonacci level (red circle). A bearish breakout invalidates (red x) the current wave pattern and wave 4 (blue).
1 hour
The EUR/USD is building a potential wave 3 (green) after the bearish pullback failed to break below the previous support (bottom of wave 1 green). A bullish breakout could confirm (green check) the wave 3 pattern and indicate momentum towards the Fibonacci targets.
The analysis has been done with the CAMMACD.MTF template.
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