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EURUSD is trading lower, forming a deeper pull-back in wave (iv), which will ideally hit a typical 382.% retracement level compared to wave (iii). This 38.2% level also comes in around the consolidation range from Sep 12-Sep 13. With that in mind, we really would not be surprised to see an upward bounce from here, into a wave (v) of 3. However, only an impulse from the lows and back above 1.3080 will confirm an uptrend continuation.
VIDEO: What is the confirming price action, and current situation on EURUSD
Gregor Horvat is based in Slovenia (Central Europe) and has been in Forex market since 2003. He is technical analyst and individual trader who also provide a lot of articles and trade plans based on the Fibonacci and Elliot Wave principle.
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