With the 1.5062 high and prices currently with 20 pips of that peak, the 240 minute EUR/USD is setting up a double as the trend is still up. If prices are rejected from this area again, I’m looking for a correction to the 1.4950 level. There is also support just below that between 1.4946 and 1.4937 which is the top line of the Wave and recent low, respectively.
The chart pattern could also present some interesting set up as the first support level to break will be the support of the rising wedge pattern. Since it is so close to the trend following buy set ups, I’m not looking for an aggressive short.
This chart was created with MT4 and the Autochartist Chart Pattern plug-in.
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