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  • EUR/USD holding proven support level. Pullback may be over, but hurdles yet to cross. Get your $EURUSD market update from @PaulRobinsonFX here:https://t.co/v06OWd3Vqp https://t.co/acFOm0Jtq9
  • The price of oil pulls back from a fresh monthly high ($66.76) despite a larger-than-expected contraction in US inventories. Get your market update from @DavidJSong here: https://t.co/uxLol8LbDH https://t.co/7pcNZa2kSC
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  • This bull flag pattern on $EURUSD played out as the textbooks usually project. The break to the upside is perhaps the path of least resistance - at least until we get back to the 1.2150 high, if we get there https://t.co/h5wOcHftl2
EURAUD Ready to Resume Downtrend?

EURAUD Ready to Resume Downtrend?

Jeremy Wagner, CEWA-M, Head of Education

The EURAUD may be resuming its strong downtrend. There are 5 clear waves to the downside and 3 overlapping waves moving up. Those familiar with Elliott Wave Theory understand that the 3 wave up move is likely to be a partial upward retracement. The 3 wave counter trend moves are excellent waves to consider a Fibonacci retracement strategy. Most retracements to a 5 wave move are 61.8 to 78.6% and this one fits the mold. We look for the trend to re-emerge to the downside on this 60 minute chart.

An aggressive stop would be placed just above the swing high near 1.3810. A more conservative stop would be just above the January 23 high near 1.3835. Look to take profit at least twice the distance to your stop or in the upper 1.3500’s to lower 1.3600’s.

EURAUD_Ready_to_Resume_Downtrend_body_Picture_1.png, EURAUD Ready to Resume Downtrend?

For more information on Fibonacci retracements, watch a live webinar on Trading with Fibonacci or watch a recording of these live webinars in the DailyFX Plus Trading Course (scroll down to the bottom for the archives).

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