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USD/JPY crashes through floor by breaking long-term support

Discussion in 'Technical Analysis' started by FXStreet_Team, Feb 9, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/USD 4 hour The EUR/USD has made a bullish bounce at the 38.2% Fibonacci level and is now resting the top (red). A break above resistance confirms the development of a wave A (green), whereas a bearish bounce could price retest the wave X (blue) Fibonacci levels. This wave count is invalidated when price breaks below the support trend line (green). 1 hour The EUR/USD is marked as a wave 1 (green) but is dependent on how price reacts at resistance and support levels (bounce or break).

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