Dear traders, the EUR/USD is showing strong bullish momentum after breaking the resistance zone (dotte orange). A bullish ABC (purple) pattern is taking place. Price could aim for 1.11280.

Daily chart

The EUR/USD has a confluence target zone at the 78.6% Fibonacci level, the -27.2% Fib target, and the Wizz 8 target.

1 hour chart

The EUR/USD seems to be in a wave 3 of wave 3 (purple). The current pullback is likely to be a wave 4 (purple). But price will need to stay above support (green box) otherwise the bullish outlook is invalidated (red x).

Good trading,

Chris Svorcik

The analysis has been done with the indicators and template from the SWAT method (simple wave analysis and trading). For more daily technical and wave analysis and updates, sign-up to our newsletter

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This article was originally posted on FX Empire

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