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  • EUR/USD: Update 21 May 2011 1 comment
    May 21, 2011 9:47 PM

    This is an update for EUR/USD pair, with respect to my long term USD analysis

    euro daily

    Basically I am calling for the euro to bottom at 1.2450 within 12 trading days and then do a 2 months correction of a 600 pip range, before going to 1.0800 where more longer correction would start. For this to happen it must break below 1.4000
    There is a sort of pivot at 1.3500 but it is a weak level.
    I also think the first wave was 1.4940-1.4050 and the double hit on the channel line indicates that the third wave is in progress, so, next week we will see if its is true.

    Have a nice trading.

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    Author’s reply » Note: if euro doesn't drop in 12 trading days, it will follow the channel until it drops to 1.22 (this one was derived from some trading ranges analysis I am omitting)
    23 May 2011, 07:55 AM Reply Like
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