Categories: Technical analysis

Amazon Wave Analysis – 11 May, 2020

• Amazon reversed from support area

• Likely to rise to 2470.00

Amazon recently reversed up sharply from the support area lying between the support level 2270.00 (low of the previous correction (A)) and the 38.2% Fibonacci correction of the previous upward impulse from April.

The upward reversal from this support area started the active impulse wave ③.

Amazon is expected to rise further toward the next resistance level 2470.00 (top of the previous waves (B) and ①).

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The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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