Categories: Technical analysis

MGM Wave Analysis – 17 September, 2020

• MGM reversed from resistance zone

• Likely to fall to 20.55

MGM recently reversed down from the resistance zone located between the key resistance level 24.00 (which has been steadily reversing the price from the start of June) and the upper daily Bollinger Band.

The downward reversal from this resistance zone stopped the previous multi-impulse sequence made up of the impulse waves 3 and (C).

MGM is likely to fall further toward the next support level 20.55 (low of the previous short-term correction 2 from last month).

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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