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EURUSD bearish retracement within bullish trend

Discussion in 'Technical Analysis' started by FXStreet_Team, Apr 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/USD 4 hour The EUR/USD is approaching horizontal resistance levels from the daily chart (red) around the psychological round level of 1.15. The recent bullish momentum is most likely a wave A (blue) of a bigger ABC zigzag. 1 hour The EUR/USD showed a bearish impulse last week (green A) and so far has been unable to break above the top of wave 5, which increases the likelihood of a wave B (green). A bearish ABC (green) within wave B (blue) could see price fall towards the Fibonacci targets.

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