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EUR/USD Bearish Reversal Aims at 1.1450 Target

September 17, 2018 09:08

EUR/USD

4 hour

EUR/USD Wave Analysis

Source: Admiral Markets MT5 with MT5SE Add-on EUR/USD motive wave – 16 September 2018 at 4:00 PM GMT

The EUR/USD approached the previous top and resistance zone (red lines) but failed to break above it. The bearish bounce indicates that the price is probably building an expanded WXY (blue) pattern within wave B (purple). The price could fall back to the Fibonacci retracement levels of wave B (purple), which is a new bounce or breakout zone.

1 hour

EUR/USD Wave Analysis

Source: Admiral Markets MT5 with MT5SE Add-on EUR/USD motive wave – 16 September 2018 at 4:00 PM GMT

The EUR/USD completed 5 bullish waves (orange) within wave C (green) pattern. The bearish momentum is probably a wave A (green) of a larger ABC zigzag in wave Y (blue). A pullback could find resistance at the Fibonacci retracement levels of wave B vs A.

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