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EURUSD correction to 38.2% Fibonacci in bearish channel

Discussion in 'Technical Analysis' started by FXStreet_Team, Mar 24, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/USD 4 hour The EUR/USD bearish price action has been choppy so far and seems to be building a bearish correction towards the Fibonacci levels of wave X (blue). 1 hour The EUR/USD seems to be in a correction. A break below the 50%/61.8% Fibonacci increases the likelihood that price is not retracing but reversing. A break above resistance (red) increases the chance that the bearish price action is a retracement. GBP/USD 4 hour The GBP/USD broke below the support trend line (dotted green)

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