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Oct 04 2010
Euro is still one of the strongest currencies out there, reaching a new high. Technically wave 5 is still in process, but prices are extremely overbought above 1.3700 level, so some downside pressure could be seen from here. We still believe that this is a fifth wave, especially because of the divergence shown on MACD. What we would like to see is a break below red and blue trend lines, which will confirm that a corrective wave 4) is underway.
Eur/Usd 4h chart:
Disclosure: no pos.