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We're sellers | 19 April 2023

19 April 2023, EUR/USD

We're sellers

EURUSD remains very bearish, currently in a corrective phase with an ABC corrective pattern. As shown in the chart above, the price has formed an ascending channel from the major impulsive wave (I) at 1.0934 to the end of the major impulsive wave (V) at 1.1076, indicating a bearish reversal. Furthermore, the price has formed an expanding wedge, which is a bearish continuation pattern, reinforcing the bearish outlook. I expect the price to drop to 1.0808. You can place sell orders now with a profit target at 1.0808 and a stop loss at 1.0934.

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We're sellers

Bob Stan
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