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Friday, May 28, 2010

EUR/USD - The correction from 124.52 became complex

The correction from 124.52 became a a double zig-zag, but the end result will still be the same. We will see one more rally higher towards the low 125 area to end the entire correction from 121.52. In the short term a break above 123.72 will confirm the rally higher.

As can be seen on the chart above, the RSI showed divergence at the 123.23 bottom.

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