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EUR/USD| Possible Bearish Pullback

EUR/USD Long-Term Trend: Bearish

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Key Resistance Levels: 1.14444, 1.14526, 1.14601

Key Support Levels: 1.13898, 1.13545, 1.13502

4-Hour Chart:

We have seen a beautiful breakout out of the wedge pattern, but it seems as though we may need to pull back briefly before we can continue upwards. Our current resistance area is very small in range, so this may be a relatively quick move out of its range.

EUR/USD Medium-Term Trend:Bearish

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1-Hour Chart:

We have seen a larger cycle (abc)-green play out, and within that (c)-wave, and internal abcde (blue) count. If this is accurate, the bullish cycle is over and we need to see a pullback.

Signal Idea:

Sell Limit order @ 1.14445

TP 1 @ 1.14015

TP 2 @ 1.13700

Stop Loss @ 1.14795

Trade Safely 🙂

About Patrick Mwenge

A chartered accountant and trader, Patrick has 7 years of financial market experience, covering commodities,FX, equities as well as crypto currencies. Patrick leverages both long term Elliot wave analysis alongside volume and time price opportunity to explore trading opportunities on both long and short term timeframes.

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