EURUSD – Daily Forex Technicals by ForexHound.com May 29th

EurUSD has entered into it’s 3rd consecutive wave down, as seen on the chart above wave 1 and wave 2 have been of comparable lenghts and if this scenario is to repeat itself we should see the pair touching the projected target of wave 3 around the marked level, just above the 1.55 area EurUSD has entered into it’s 3rd consecutive wave down, as seen on the chart above wave 1 and wave 2 have been of comparable lenghts and if this scenario is to repeat itself we should see the pair touching the projected target of wave 3 around the marked level, just above the 1.55 area. This type of pattern happens often enough to provide us with decent risk:reward ratio and has a high success rate, especially the projection of the second leg after we determine a retracement  of the first one.

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