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EUR/USD Sideways Flat Correction Could Break Soon

September 26, 2018 11:27

EUR/USD

4 hour

EURUSD Wave Analysis

Source: Admiral Markets MT5 with MT5SE Add-on EUR/USD motive wave – Accessed: 26 September 2018 at 6:00 AM GMT

The EURUSD currency pair is still moving sideways as the price remains above the support trend lines (green/blue). A bullish continuation could see the price move up higher towards the Fibonacci targets, whereas a bearish breakout would indicate a change of wave pattern, and even a potential for a larger correction or reversal.

1 hour

EURUSD Wave Analysis

Source: Admiral Markets MT5 with MT5SE Add-on EUR/USD motive wave – Accessed: 26 September 2018 at 6:00 AM GMT

The EUR/USD currency pair finished an ABC correction (orange) yesterday in a potential wave 4 (green). A bullish breakout above the local resistance (orange) trend line could confirm the continuation higher towards the Fib targets and the resistance trend line (red), whereas a break below the support trend line (green) invalidates the wave 4 pattern.

Weekly

EURUSD Wave Analysis

Source: Admiral Markets MT5 with MT5SE Add-on EUR/USD motive wave – Accessed: 26 September 2018 at 6:00 AM GMT

The EUR/USD currency pair's previous weekly candle was bullish, which could indicate a potential for the price to move higher towards the Fibonacci levels of wave B (purple). The wave B (purple) could be part of a larger ABC (purple) correction in wave B (red).

This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.


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