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How resistance levels are central factor in today's Forex market

Discussion in 'Technical Analysis' started by FXStreet_Team, Apr 20, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    EUR/USD 4 hour The EUR/USD did not break below support (green) and in fact broke the resistance line (dotted orange). This increases the chance that the bearish price action was a retracement for a wave X (purple) which respected the 38.2% Fibonacci level. 1 hour The EUR/USD price action remains choppy and corrective. A break below the 2 support trend lines (green) invalidates the 4th wave (green). GBP/USD 4 hour After making a bullish break above the contracting triangle (dotted yellow) chart

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