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Tuesday, April 5, 2011

EUR/USD - More upside action needed

The price-action the last couple of days hasn't been easy to deciffer, but the above count is may best shot right now. Red wave i of v was an Expanded leading diagonal, followed by a very deep red wave ii and we are now in red wave iii. This red wave iii isn't finished yet and I would expect it to move towards the 142.94, from where we should see red wave iv building. Red wave iv should not move into the area of red wave one, which should keep red wave iv above 142.33, for one last rally in red wave v ending the entire rally from 128.71.

Under no circimstances can we break below 140.05 as that would leave us with a finished rally from 128.71.

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