EUR/USD & USD/JPY Developing ABC Zigzag Formation

Discussion in 'Technical Analysis' started by FXStreet_Team, Oct 21, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    EUR/USD 4 hour The EUR/USD broke the resistance (dotted red) and has moved up towards the 38.2% Fibonacci level of wave 2 (orange). Typically waves 2 tend to see deep retracements on average, which could see price move towards the 61.8% or 78.6% Fibs. A break of support (olive green) could trigger the start of a bearish breakout whereas a break above the 100% level invalidates the 1-2 (orange). 1 hour The EUR/USD break above resistance (dotted red) can be considered impulsive, which in turn

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