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FxPro Forex Analysis: Platinum Wave Analysis – June 19, 2018

• Platinum broke long-term support level 880.00
• Further losses are likely

Platinum today broke below the major, long-term support level 880.00 (which reversed the previous sharp downward impulse waves 1 and (i) in December and in May respectively). The price earlier reversed down from the resistance trendline of the daily down channel from January – which created the daily reversal pattern Shooting Star.

The breakout of the support level 880.00 accelerated the active short-term downward impulse wave (iii) from the end of May.

Platinum is likely to fall further and re-test the next support level 850.00. Powerful resistance now stands at aforementioned price level 880.00.

PTUUSD - Primary Analysis - Jun-19 1525 PM (1 day)

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