EUR/USD Breaks Bear Flag and Continues Downtrend

Discussion in 'Technical Analysis' started by FXStreet_Team, Oct 29, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    EUR/USD 4 hour The EUR/USD broke the bear flag chart pattern during the FOMC news event and posted a new lower low which is most likely part of the wave 3 (purple). The bearish trend is either part of a wave 3 or wave C (green). A wave C could see price stop anywhere between the 100% and the 161.8% target whereas a wave 3 needs to see price move towards the 161.8% or preferably further. 1 hour The EUR/USD could still move a bit lower to the next Fib target or be now ready for another wave 4

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