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Thursday, May 19, 2011

EUR/USD - Ready for the next rally?

I'm still looking for a break above 143.39 and more importantly 144.23 to confirm that we saw the end of wave (iv) at 140.46. Short term we should see the 142.35-142.40 area protect the downside, but only a break below 141.93 and more importantly 141.23 will alter this count.


Red wave (i) from 140.46 was an Leading Expanded Diagonal (see the 5 minut chart below to see the details)


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