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Expect further bearish correction towards 1.18410.

Expect further bearish correction towards 1.18410. | 22 October 2020

22 October 2020, EUR/USD

Expect further bearish correction towards 1.18410.

Wave Analysis

Yesterday, Euro rose massively to the upperside but could not go beyond the level 1.18850. As long as the price remains below this level, we are expecting a possible correction towards 23.6% fib level, and should the price breakout below this fib level, then we will be expect further correction to the lowerside and should break below 38.2% fib level, it should not go beyond 50.0% fib level. This view can only be invalidated in case the price breaks and closes above 1.18850, if this is the case, then a move much higher is expected.

Trade Recommendations:

Expect further bearish correction towards 1.18410.

Bob Stan
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