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Sell setup in EUR/USD 15 Minutes chart

Sell setup in EUR/USD 15 Minutes chart
Wednesday, April 26th, 2017 @ 5:51 pm by Muhammad Azeem

About Muhammad Azeem:

Muhammad Azeem Mr. Azeem is a pure technician and solely employs technical market analysis in trading. He believes that the news is just the catalyst for technical events. In his opinion, prices are so far ahead of any news story as every conceivable fundamental possibility has already been discounted. Muhammad is a regular participant in the FX Instructor Live Trading Room.

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4-26-2017 10-47-04 PMTrend is bearish in EUR/USD currency pair, 15 minutes time frame. Short term resistance is present at 1.0951 price level. Based on Elliott wave analysis, I expect a bullish Wave b leg.

Bullish wave b pattern offers a possible sell trade setup to join the down trend in EUR/USD currency pair. So, a good idea is to first wait for a bullish leg and then go short.

However; if price closes a bullish candlesticks above 1.0951 resistance level then down trend is going to end. Hence, I might like to stay out of the market and re-examine the price chart.

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