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06.01.2022 07:55 AM
Elliott wave analysis of EUR/USD for January 6, 2022

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EUR/USD remains locked inside the narrow trading-range between 1.1222 - 1.1383. This accumulation of energy will cause either a swift dip to test support at 1.1139 and then a quick return higher through short-term key-resistance at 1.1383 confirming that wave 2 has completed. Or we will see a direct break above short-term key-resistance at 1.1383 confirming that wave 3 towards 1.3993 already is in motion.

For now it's a game of patience and waiting to see if a final dip is needed before wave 3 is ready to take over or wave 3 already is in motion.

Torben Melsted,
Analytical expert of InstaForex
© 2007-2025
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