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Thursday, January 13, 2011

EUR/USD - Wave 2 of 5 entering the final stages

Wave 2 of 5 exceeded resistance at 131, which has opened a window for a move towards the 61.8% retracemnet at 132.14. Currently we see the 50% retracement tested, but I think we will see a move closer to 132.14 now.
Be aware, that the stoch. indicator has reached OB territorium, so when it rolls over to the downside it should be an excellent shortning oppotunity for wave 3 of 5 lower.

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