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Wait | 16 January 2023

16 January 2023, EUR/USD

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Wave Analysis

EURUSD has been on an uptrend for the last few days, But since the market is now at impulsive wave V,1,08337, the buyers must be exhausted and for the next few days the sellers will be in control. I expect the market to form a corrective 3 waves pattern, that is from Impulsive wave V,1,08337, to 1.06539 which is likely to be the end of the corrective 3 waves pattern. You can place a sell order now at,1,08337, with a tight stop loss at 1.08981 and the take profit at 1.07191. If the price fails to move to the downside as we have anticipated and instead breaks above wave V,1.08327, this setup will be invalidated and we will be now looking for buying opportunities.

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Bob Stan
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