The EUR/USD pair is showing a bearish movement on the 4-hour timeframe as the Elliott Wave 5th wave has completed, and the price has broken out of the ascending trendline. Currently, the price appears to be following an Elliott Wave ABC correction pattern. We should wait for the 50% retracement of the corrective wave to complete before entering a selling position.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.