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We are providing technical analyzes for the financial markets and how they behave based on the Elliott Wave Principle. The Elliott Wave Principle gives you a method for identifying at what points a market is most likely to turn. And that, in turn, gives you guidance as to where you might enter... More
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  • EURUSD Elliott Wave Analysis: Completed Five Wave Rally Puts Prices Into A Corrective Retracement 0 comments
    Oct 7, 2013 3:47 AM

    EURUSD was trading higher for almost whole last week but then found resistance on Thursday and Friday when pair declined for almost 100 pips. This reversal in price should not be a surprise as the wave pattern shows a five wave rally from 1.3105 swing, so correction has obviously been expected. Corrections are three wave pattern that usually retraces back to the wave four termination point. In our case that comes in around 1.3475 so pair could fell further in days ahead or at least stay sideways.

    EURUSD 4h Elliott Wave Analysis

    (click to enlarge)

    Written by www.ew-forecast.com | Try EW-Forecast.com's Services Free For 7 Days at http://www.ew-forecast.com/service

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