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EURUSD, GBPUSD Break Long-Term Resistance But With Different Wave Counts

Discussion in 'Technical Analysis' started by Kaitlin, May 26, 2016.

  1. Kaitlin

    Kaitlin Forum Member

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    The EUR/USD is testing the resistance trend line of the downtrend channel (red/green). A bullish break, however, does not automatically translate into the end of the downtrend itself (see wave 4 on 1 hour chart). The 123 (purple) becomes more likely than an ABC if price manages to extend beyond[​IMG]

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