Categories: Technical analysis

Facebook Wave Analysis – 5 June, 2020

• Facebook reversed from support area

• Likely to rise to 240.00

Facebook recently reversed up from the support area lying between the major support level 223.80 (former multi-month resistance from January) and the 38.2% Fibonacci correction of the previous upward impulse 5 from the middle of May.

The upward reversal from this support area started the active medium-term impulse sequence (5).

Facebook is likely to rise further toward the next resistance level 240.00 (top of the previous impulse wave (3)).

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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