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EURUSD, USDJPY Finally Display Flavours Of Momentum

Discussion in 'Technical Analysis' started by Kaitlin, May 2, 2016.

  1. Kaitlin

    Kaitlin Forum Member

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    The EUR/USD broke above the resistance trend line (dotted orange) and made a strong bullish impulse which seems best explained by a wave 3 (grey). Price could retrace for a wave 4 (grey) but must not retrace deeper than the 61.8% Fibonacci level otherwise the wave count is invalidated.[​IMG]

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  2. Eliza Abrams

    Eliza Abrams Well-Known Member Trader

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    Next target should be around 104.00, I think.
     

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