EUR/USD take a pause after 300+ pip bullish move

eur_new_14 hour

The EUR/USD bullish breakout within the uptrend is now building a sideways retracement. The consolidation zone is most likely just a correction before the bullish trend continues towards the Fibonacci targets of wave 5 (blue).

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The EUR/USD bullish impulsive price action is best explained by the development of a wave 3 (orange). The shallow correction is probably a wave 4 (orange) which could either retrace to the Fib levels or break above the resistance (red).

4 hour

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Origin: Admiral Markets

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