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EUR/USD | Short term pullback

EUR/USD Long-Term Trend: Bullish

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Key Resistance Levels: 1.13126, 1.13235, 1.13309

Key Support Levels: 1.12798, 1.12714, 1.12581

4-Hour Chart:

Long term, we are currently trading in a rising wedge. Within this wedge, we look to be chasing for support and the trend line below looks attractive for a bounce. Additionally, we have an Elliot wave count signalling a possible decline for a final 5th wave down.

EUR/USD Medium-Term Trend: Bearish

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1-Hour Chart:

We have a resistance zone coming up and a long term support trend line below us set up. This looks like a recipe for a possible pullback and test of the trend line before we can possibly resume the longer term bullish trend

Signal Idea:

Sell Limit Order @ 1.13159

TP 1 @ 1.12900

TP 2 @ 1.12705

Stop Loss @ 1.13311

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.

4 comments

  1. The order is sell limit or buy limit?

  2. Hi,
    Kindly confirm the order shall be Sell Limit or Buy limit.

  3. This should be ‘Sell Limit Order’

  4. Camilo Andres Herran de los rios

    Sell limit?

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