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Nov 21, 2022
Weekly Waves: EURUSD, Bitcoin and Gold – FXStreet Kate Nov 21, 2022comments off Tweet on Twitter Pinterest The EUR/USD is showing a bearish pinbar on the weekly chart, which is a major bearish reversal candlestick pattern Bitcoin (BTC/USD) has respected most of the Fibonacci retracement levels. Recently price action has broken below the 78.6% Fibonacci US30 made a strong bullish bounce at the 61.8% Fibonacci support. The US30 bullish bounce has now reached a strong resistance zone Our weekly Elliott Wave analysis reviews the EUR/USD weekly chart, the US30 weekly chart, and the Bitcoin weekly chart. EURUSD Bearish Pinbar Candlestick Pattern The EUR/USD is showing a bearish pinbar on the weekly chart , which is a major bearish reversal candlestick pattern: The EUR/USD bearish pinbar is indicating that the bulls are running out of steam. A reversal is now expected after price action has hit the -100% Fibonacci target. The bullish price swing could have completed an ABC (yellow) correction. The ABC (yellow) is probably part of a larger and more complex WXY (pink) correction. A breakout below the weekly candle low should price action lower (red arrow). A bearish decline could confirm an ABC (yellow) within the wave X (pink). Bitcoin Bearish Breakout Below 78.6% Fib Bitcoin (BTC/USD) has respected most of the Fibonacci retracement levels. Recently price action has broken below the 78.6% Fibonacci: The BTC/USD break below the 78.6% Fibonacci retracement level indicates a likely further decline towards the 88.6% Fibonacci level. The bearish breakout could either see an immediate continuation (red arrow) if it breaks below the weekly candle low (green line). Or price action could make a bullish retracement first towards the resistance zone (orange lines) before making another bearish swing (red arrows). A bullish bounce (blue arrows) is expected at the 88.6% Fibonacci support level. Price action could either be completing a wave C (yellow) within wave 2 (gray) or a wave W (pink) of a larger WXY (pink) in wave 2 (gray). US30 Bullish Revival Faces Massive Resistance US30 made a strong bullish bounce at the 61.8% Fibonacci support: The US30 bullish bounce has now reached a strong resistance zone (orange lines). A bearish bounce at the resistance is expected (red arrow) to test the support and inverted head and shoulders level (green box). A bullish bounce there could confirm a bullish ABC (yellow) within the wave B (pink). A larger bearish reversal (red arrows) is expected at the resistance zone (orange box). A bearish 5 wave pattern (yellow) could emerge and take price action below the support trend line (green). Elite CurrenSea Training Program(s) should not be treated as a recommendation or a suggestion to buy or sell any security or the suitability of any investment strategy for Student. The purchase, sale, or advice regarding any security, other financial instrument or system can only be performed by a licensed Industry representative; such as, but not limited to a Broker/Dealer, Introducing Broker, FCM and/or Registered Investment Advisor. Neither Elite CurrenSea nor its representatives are licensed to make such advisements. Electronic active trading (trading) may put your capital at risk, hence all trading decisions are made at your own risk. Furthermore, trading may also involve a high volume & frequency of trading activity. Each trade generates a commission and the total daily commission on such a high volume of trading can be considerable. Trading accounts should be considered speculative in nature with the objective being to generate short-term profits. This activity may result in the loss of more than 100% of an investment, which is the sole responsibility of the client. Any trader should realise the operation of a margin account under various market conditions and review his or her investment objectives, financial resources and risk tolerances to determine whether margin trading is appropriate for them. The increased leverage which margin provides may heighten risk substantially, including the risk of loss in excess of 100% of an investment. Tweet on Twitter
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fxstreet Frequently Asked Questions (FAQ)
When was fxstreet founded?
fxstreet was founded in 2000.
Where is fxstreet's headquarters?
fxstreet's headquarters is located at Portaferrissa 7, Barcelona.
What is fxstreet's latest funding round?
fxstreet's latest funding round is Other Investors.
Who are the investors of fxstreet?
Investors of fxstreet include Lighthouse Ventures.
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