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Is EUR/USD Making A Corrective Pullback?

ByGregor Horvat
Published 09/07/2020, 10:17 AM
Euro US Dollar
-1.31%

EUR/USD is bullish for the last few months and is showing very sharp and strong price action. Normally that kind of personality represents an impulse which is a five wave structure. Well, based on the latest developments and price data we think that there is room for more upside as this five-wave move can still be unfolding; ideally now only slowing down in wave four. Wave four will very often, find a support at the area of at the previous fourth wave which in our case is around 1.1710, so this can be a very nice support after wave C) of 4, right at the trendline support. I will be observing the price action very closely down there for any evidence of a resumption higher, as the next fifth wave can offer new opportunities on the long side as long as the market trades above 1.14 area.
4h eurusd

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