EUR/USD VULNERABLE TO DOWNSIDE AGAIN AFTER DOUBLE ZIGZAG!

By Fernando Luna

The move up from the Oct 1st low has cut out a double zigzag at today’s 1.0999 high!  Today’s drop has cut out what looks like a 3rd of a 3rd.  This would mean that a 4th wave is now in progress.  Notice that today’s fall has reached past the 61.8% channel trend line support now resisting.  Let’s see if this 4th develops underneath the Fib channel trend line resisting.  A drop below the lower channel trend line support will confirm a move down to the 100% and possible the 127.2% retracements.

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