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EUR/USD Downtrend Channel Challenges Support Trend Lines

Discussion in 'Technical Analysis' started by FXStreet_Team, Oct 20, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/USD 4 hour The EUR/USD price action has been moving choppily within the wave 2 or wave B (green). A downtrend is confirmed when price has made a clear higher low via a potential wave 2 (orange) or when price breaks the 2 support trend lines. 1 hour The EUR/USD broke the mini support trend line (dotted green) and moved down lower to the next support (olive green). A break below it could see another extension of wave 5 (pink) of wave 1 (orange). A break above the top of the channel (red)

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