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Thursday, March 17, 2011

EUR/USD - The correction became even more complex

The wave (ii) correction became even more complex than first anticipated, but it doesn't alter the fact, that it is a correction. I'm still looking for strong resistance at 140.06 to break for a move towards 141.12.

The risk is a break below the 138.52 - 138.63 area, which would add credence to the bearish case.
If USD/CHF is any guidance (I think it is), then we should see EUR/USD move higher.

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