Forex Trading Library

EURUSD – Another drive lower before buyers emerge

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Monthly: Trading within a bearish channel formation. Trend line resistance is seen at 1.2395. Levels close to the 38.2% pullback level of 1.2522 (from 1.6038-1.0349) found sellers. The move lower is mixed and volatile common in corrective formations.

Weekly: Completed a bearish Elliott Wave count to the downside (5-waves completing at 1.1216). After posting a bullish Outside Week on the 12th November the pair has continued to consolidate for eight weeks.

Daily: Holding with a bullish channel formation. Trend line support is located at 1.1324

Intraday (four-hour) – The pair continues to consolidate close to the 161.8% extension of 1.1377 (from 1.1570 to 1.1450). The 261.8% extension is located at 1.1260. We look to buy to buy inside the 1.1325-1.1260 zone

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