Advertisement
Canada markets open in 4 hours 43 minutes
  • S&P/TSX

    22,107.08
    +194.56 (+0.89%)
     
  • S&P 500

    5,248.49
    +44.91 (+0.86%)
     
  • DOW

    39,760.08
    +477.75 (+1.22%)
     
  • CAD/USD

    0.7351
    -0.0022 (-0.30%)
     
  • CRUDE OIL

    81.84
    +0.49 (+0.60%)
     
  • Bitcoin CAD

    96,123.33
    +1,293.98 (+1.36%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • GOLD FUTURES

    2,216.20
    +3.50 (+0.16%)
     
  • RUSSELL 2000

    2,114.35
    +44.19 (+2.13%)
     
  • 10-Yr Bond

    4.1960
    0.0000 (0.00%)
     
  • NASDAQ futures

    18,494.00
    -9.75 (-0.05%)
     
  • VOLATILITY

    12.96
    +0.18 (+1.41%)
     
  • FTSE

    7,954.90
    +22.92 (+0.29%)
     
  • NIKKEI 225

    40,168.07
    -594.66 (-1.46%)
     
  • CAD/EUR

    0.6809
    +0.0004 (+0.06%)
     

EUR/USD Uptrend to Continue at 1.10 Support Zone

Dear traders, the EUR/USD is building a bullish channel after a large bearish decline. What is the next expected price swing within the roller coaster ride of 2020?

4 hour chart

The EUR/USD bearish swing could have completed a wave 5 (purple) of a larger wave 3 or wave A. The current bullish price swing could therefore be a wave 4 (pink) or wave B. If that is true, then more bullishness is expected. The next swing could complete wave 5 (blue) of a larger ABC (purple) correction. This becomes invalidated (red x) if price breaks below the 61.8% Fib. But if price bounces at the Fib levels, then there is a good chance that price will reach the 38.2% Fib of wave 4 vs 3.

Good trading,

ADVERTISEMENT

Chris Svorcik

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

For more daily technical and wave analysis and updates, sign-up up to our newsletter

This article was originally posted on FX Empire

More From FXEMPIRE: