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GBPUSD bearish momentum: USD strength but how much?

Discussion in 'Technical Analysis' started by FXStreet_Team, Mar 23, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/USD 4 hour The EUR/USD broke the support trend line (dotted green) and the wave count now shows the ABC (orange) completing the wave Y (green). Whether the bearish break is a reversal for more downside or a retracement for more upside remains to be seen. The purple trend lines could provide an indication of which direction might become more likely. 1 hour The EUR/USD seems to be in a correction. A break below the 50%/61.8% Fibonacci increases the likelihood that price is not retracing but

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