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We're sellers for now | 17 January 2023

17 January 2023, EUR/USD

We're sellers for now

Wave Analysis

EURUSD is about to correct to the downside in form of a minor 3 corrective patterns, not only because it has already finished forming an impulsive V waves pattern but also because the market has formed a double at 1.0867. This increases the probability of this pair selling from major wave V,1.08670, to 1.06498 which is likely to be the end of the minor corrective 3-wave pattern. You can place a sell order now at 1.08231 with a tight stop loss at 1.08631 and take a profit at 1.07206. If the price breaks above 1.08731 instead of moving to the downside, the setup will be invalidated.

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We're sellers for now

Bob Stan
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