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: Respected Trend Lines Mark the Edge of Contracting Triangles

Discussion in 'Technical Analysis' started by FXStreet_Team, Jan 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    EUR/USD 4 hour The EUR/USD showed a bearish bounce at the resistance trend line (orange) of the larger contracting triangle, which has been marked as multiple corrective waves. 1 hour The EUR/USD also bounced at the support trend line (green), which could be part of an ABC (blue). A break below the support trend line and bottom of wave X (purple) invalidates the wave count. GBP/USD 4 hour The GBP/USD is building a large sideways correction within a large downtrend channel. 1 hour The

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