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Corn Wave Analysis – 31 July, 2019

  • Corn broke support area
  • Further losses are likely

Corn recently broke through the the support area lying between the support levels 414.00 (previous downward target) and 410.00.

The price earlier broke the 38.2% Fibonacci correction of the previous sharp upward impulse from May – which accelerated the active impulse wave 3.

Corn is expected to fall further and retest the next round support level 400.00 (former resistance level from May).

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Source: FxPro


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