According to Masterforex-V Academy, there has been a change of trend in the market of EURUSD. The thin is that the price formed a bearish FZR (fractal-zigzag reversal) of wave level H4.
As a result, the price is currently moving within the sloping channel built through points 1,3645 and 1,3604. The starting point is the high of wave B H4. The price is unfolding a bearish wave - (С) of level Н2. The development is still underway. A break below the pivot located at 1.3521 will indicate the end of this wave.
If there is a bullish FZR formed after the break, the price is likely to start a recovery move against the bearish trend. If this is the case, the top of the sloping channel (1,3645/1,3604) will act as resistance.
The defensive pivot for the entire bearish move is located at 1,3603.
In order to reverse the trend, it is necessary to build a bigger-scale upswing and break above 1,3603 with a following FZR.
Possible upward targets are:
- 1,3515 = 23%;
- 1,3532 = 38%;
- 1,3542/46 = 50%;
- 1,3559 = 62%;
- 1,3576 = 76% + the outer sloping channel.
In order to resume the downtrend, the price will have to complete the recovery. The chart below, courtesy of Masterforex-V Academy, reflects the current state of affairs in the market of EURUSD:
