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EUR/USD Expecting Correction after Downtrend Channel Break?

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/USD 4 hour The EUR/USD downtrend is showing signs of weakness as price broke above the resistance (orange dotted) of the downtrend channel. There is also double divergence when comparing price with the oscillator (purple). A break below this year’s low (green) is needed before the EUR/USD can be considered in a wave 3 (green). 1 hour The EUR/USD completed an ABC zigzag formation (green) yesterday. At the moment I am expecting a bigger bullish correction (WXY blue) due to the divergence on

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