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EURUSD: Bearish Waves Moving Toward 1.3200-1.3150-Elliott Wave Analysis

EURUSD is finally trading lower, clearly in impulsive fashion from 1.3400 which is a third leg of decline, but ideally it represents an impulsive wave 3 of a larger five wave move. Notice that price also broke and closed beneath the rising trend-line of an ending diagonal which is another and very important sign of a changed trend, from bullish to bearish mode. If we are correct, then pair is now heading down to 1.3150 in the near term.

EURUSD 4h chart Elliott Wave Analysis

(click to enlarge)Click to enlarge

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