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Multiple ABC Corrections Visible in Forex Market

Discussion in 'Technical Analysis' started by FXStreet_Team, Dec 24, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/USD 4 hour The EUR/USD respected the support trend line (purple) and price showed a bullish bounce. For the moment price is still in a wave Y (brown) unless the EUR/USD breaks below it. 1 hour The EUR/USD made a deep retracement to the 61.8%, which is uncommon for 4th waves. Price did not cross into the price territory of wave (blue) before making a bounce, so the current wave count is showing a wave 5 (blue). GBP/USD 4 hour The GBP/USD reached the bottom of the downtrend channel (green)

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