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US Dollar trapped between support and resistance

Discussion in 'Technical Analysis' started by FXStreet_Team, Mar 9, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/USD 4 hour The EUR/USD completed a shallow ABC zigzag (green). Price has broken below the support trend line (dotted green) in the meantime. For the moment it seems most likely that price will bounce at one of the Fibonacci levels as part of wave X (blue) for a corrective expansion towards Waves Y. 1 hour A break below the light green line invalidates the Wave X (blue). GBP/USD 4 hour The GBP/USD respected a confluence of resistance such as the trend line (red) and 61.8% Fib and made a

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