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This forecast is based on the Elliott Wave Principle which states that investor psychology is the motor behind the stock markets. In this analysis however, the analyst not only observes the previous price patterns, but also takes into account the correlation between different pairs before releasing forecasts.

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Support and resistance system should only be used in a higher timeframe chart, like one hour and above. This is necessary because at such a higher time frame, brokers cannot manipulate the price to my disadvantage.

How I draw strong support and Resistance

Before I call a level strong, the same level must met the following conditions.

  1. Must have been used as a support before.
  2. Must have been used as a resistance before.
  3. There must be a big candle that broke through it at one point in the past!

Again, when drawing my support and resistance levels, I use a range, not a single line, this is because price tends to test particular level before retrieving, range caters for these levels.

2021 EURUSD GBPUSD USDJPY
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September

Wave Analysis: On the EURUSD chart, we expect nothing but a possible rally to the lowerside annd should see the price rebound from around 1.17210 to the upperside. If the price breaks and closes below this level, then further momentum much lower is expected. If you are looking at this chart right n

Wave Analysis: During the previous trading day, euro failed to move to the upper side as previously expected, instead it moved upwards just slightly. On this chart, we're likely to see either a break above the previous day's highest high or a break below the previous day's lowest low to pick a poss

Wave analysis: Yesterday, the US Dollar rallied to the lowerside and is still pretty much bearish both on the daily and on the weekly charts. if you are looking at this chart right now, I recommend you keep looking for sell positions, we're expecting the sellers to increase thereby pushing price mu

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