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Thursday, October 28, 2010

EUR/USD - Pressure to the downside delayed

We never got the break below 137.55 and the correction from 137.32 extended to 138.29, which is 78.6% retracement of wave 1. This correction should soon be over and a break below 138.05 be seen, which should be the onset of wave 3 down.

A break above 138.29 will worry and a break above the top of wave 1 at 138.52 would cause a recount.

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