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Wave 3 is on the way

19 April 2016, EUR/USD

Apparently, the considered pair is still forming orrection, which is caused by the wave 2 of the emerging downward momentum.

The above wave is likely to take the form of a triple zigzag and now looks as almost completely finished. Therefore, in the future we expected resumed drop of the pair within the borders of the wave 3 of a downward momentum.

To be more sure in a sale trade, we should wait for breakdown of the channel's bottom, where the considered correction is concentrated to open a Sell trade with the Stop Loss based on the local High

Vasiliy Lukin
FreshForex Analyst
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