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Up trend in EUR/USD 15 Minutes chart

Up trend in EUR/USD 15 Minutes chart
Thursday, March 16th, 2017 @ 7:14 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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eur-usdTrend is bullish in EUR/USD currency pair, 15 minutes time frame. Short term support area is present around 1.0685 level.

Based on Elliott wave analysis, price is  moving sideways to print Wave 4 pattern. Wave 4 is going to be a Flat or Triangle pattern. So, expect price action to waste time and then expect a bullish break out in wave 5.

A good idea is to wait for a bullish break out and then take a buy trade to ride and trade bullish motive wave 5 leg. However; if market drops below 1.0685 support level then up trend is going to end. In this case, I would prefer to stay out of the market and re-analyze the price action.

One Response to “Up trend in EUR/USD 15 Minutes chart”

  1. Esther says:

    At last, sonmeoe comes up with the “right” answer!

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