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EUR/USD's Bullish Channel versus GBP/USD's Bearish Channel

Discussion in 'Technical Analysis' started by FXStreet_Team, Dec 23, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    EUR/USD 4 hour The EUR/USD is in an uptrend channel (purple lines) and is climbing towards the targets of wave Y (brown). If price breaks below the channel, then there could be a larger correction of wave X (brown) which could take price down to the next support Fibonacci levels of wave X (brown) such as 61.8% or 78.6%. 1 hour The EUR/USD broke above the 2nd resistance trend line (dotted orange) and made one more bullish push as part of wave 3 (blue). Price seems to be in a wave 4 (blue) now,

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