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Forex Majors Retrace Back to Wave 4 Fibonacci Levels

Discussion in 'Technical Analysis' started by FXStreet_Team, Nov 11, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/USD 4 hour The EUR/USD is in a wave 4 (brown) correction. The wave count is invalidated if price manages to break above the 50% Fibonacci retracement level. 1 hour The EUR/USD is back at the top of the channel near the resistance trend line (orange), which is a bounce or break spot. A bearish bounce could price move lower as part of the wave 5 (brown). A bullish break could mean that wave 5 has already been completed. GBP/USD 4 hour The GBP/USD is in wave 4 (green) retracement and a break

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