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FxPro Forex Analysis: Cotton wave analysis – May 29, 2018

Cotton broke resistance level 0.9000
• Further gains are likely

Cotton today rose sharply – breaking through the round resistance level 0.9000 (which reversed the price with the daily Japanese candlesticks reversal pattern Bearish Engulfing earlier this month, as can be seen below).

The breakout of the resistance level 0.9000 is aligned with the active minor impulse wave 3 – which previously reversed up from the powerful support level 0.8690 (former multi-month resistance level, which has been reversing the price from May of 2017).

Having just broken the resistance trendline of the daily up channel from October – Cotton is likely to continue to rise inside the active impulse waves 3 and (3) in the direction of the next resistance level 0.9600.

COTUSD - Primary Analysis - May-29 1457 PM (1 day)

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