EURUSD Chart Technical Outlook completes 5 waves at 1.0877, expect volatile price action
EUR/USD – the one-hour chart highlights a bullish Elliott Wave count (5 waves) completing at 1.0877. We are now within the corrective 3 wave corrective leg to the downside. We have an order block between 1.0779 and 1.0760. Bespoke support is located at 10776. A full AB=CD formation is located at 1.0758.
The 4-hour chart highlights a bullish reverse head and shoulders pattern. On a move through the neckline at 1.0880, the measured move target is 1.1031.
Resistance: 1.0848 (Friday’s peak), 1.0880 (neckline), 1.1031 (measured move)
Support: 1.0791 (Friday’s base), 1.0776 (bespoke), 1.0758 (AB=CD)
