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US Dollar Builds Consolidation Zone after Bearish Momentum

Discussion in 'Technical Analysis' started by FXStreet_Team, Dec 7, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/USD 4 hour The EUR/USD strong bullish momentum last week Thursday completed the 5th wave (purple) and broke layers of resistance (orange/red). Price could be building an ABC zigzag. 1 hour The EUR/USD is building a mild angled channel (purple lines), which could be a bull flag chart pattern. GBP/USD 4 hour The GBPUSD remains in a downtrend as price stays below the resistance trend line. The GU cannot cross above the bottom of wave 1 (red line) without invaliding the current wave count. 1

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