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EUR/USD: a-b-c correction complete, possibility of resumption higher

   
The EUR/USD pair has pulled-back in an a-b-c correction within a short-term mini-up trend, visible on the 4-hour chart.

The a-b-c move has finished and its possible the pair could start to resume its up-trend again. Ideally, however, I’d like to see a clear break above the 1.1379 highs for confirmation of continuation higher. Such a break would also signal a clearance of the R1 monthly pivot, and indicate a probable continuation up to the previous highs at 1.1466.

Alternatively, given the strength of the move down, there is a possibility that a move below the 1.1049 lows could confirm a break lower, as it would reverse the peak and trough sequence higher and potentially signal a change in the direction of the very short-term trend. Such a move might reasonable expect to reach support at the key 1.0915 level – or for the more conservative at 1.1000.

EURUSD08

   
The EUR/USD pair has pulled-back in an a-b-c correction within a short-term mini-up trend, visible on the 4-hour chart.

The a-b-c move has finished and its possible the pair could start to resume its up-trend again. Ideally, however, I’d like to see a clear break above the 1.1379 highs for confirmation of continuation higher. Such a break would also signal a clearance of the R1 monthly pivot, and indicate a probable continuation up to the previous highs at 1.1466.

Alternatively, given the strength of the move down, there is a possibility that a move below the 1.1049 lows could confirm a break lower, as it would reverse the peak and trough sequence higher and potentially signal a change in the direction of the very short-term trend. Such a move might reasonable expect to reach support at the key 1.0915 level – or for the more conservative at 1.1000.

EURUSD08



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