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EUR/USD & GBP/USD Building Bear Flag and ABC Correction

Discussion in 'Technical Analysis' started by FXStreet_Team, Oct 27, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/USD 4 hour The EUR/USD has space to fall further within waves 3 (green/brown) but the momentum will depend on the FOMC rate decision and statement this week. 1 hour The EUR/USD is probably in a wave 4 bear flag formation (bottom is geen line) and could head lower again at the wave 4 Fibonacci levels. A break above the 50% Fibonacci retracement level and the resistance trend line (red) would invalidate the wave structure. A break below the trend line (green) could confirm the start of wave

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