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EURUSD is heading to the 61.8% Fibo level!

Wednesday, April 25, 2018 4:34 PM GMT

After the violation of the Triangle, EURUSD is heading to the next major support at 61.% Fibonacci retracement level. In addition, there is a perfect symmetry with a potential ABCD pattern. This gives a potential buying opportunity near this area.

Daily

Reviewing the hourly timeframe, the pair is potentially forming the last 5th leg according to the Elliot wave structure. We have noted the area where is confluence with the 61.8% (as noted in the daily) and the 161.8% Fibonacci extension level.

Additionally, MACD and Stochastics are forming positive divergences where may indicate a short-term weakness of sellers even though bears are still in full of control.

Hourly

(EMA = Exponential Moving Average, SMA = Simple Moving Average, 5EMA = Blue, 21EMA = White, 200SMA = Yellow)

Always review your own analysis. If there is a confluence between the current study and your own strategy, then you may have even better trading setups.

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