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EURUSD: How To Spot Intraday Reversal


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May 16 2014

How we identified a short-term reversal/suppport zone on EURUSD after sharp drop of more than 300 pips!?
  • With the Elliott Wave model; fifth wave down suggested a bounce in price
  • Triangle pattern; it occurs prior to the final wave in the pattern of one larger degree, so we knew that downside has been imited
  • Fibonacci levels and triangle measurement helped us to project end of a fifth wave

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