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Monday, June 13, 2011

EUR/USD - Barely hanging on to the bullish count

With support at 143.05 still intact the possible bullish count is still valid, but only barely.
Looking at my proprietary indicator it's pointing down hard with absolutely no divergence, but the lower Pitchfork line and support at 143.05 is still holding up, therefore I will give the bullish count the benefit of the doubt, but a clear break below 143.05 (say 142.85) will tilt the odds towards the bearish alternative, which had the rally from 139.68 to 146.95 as wave C in an Expanded flat correction, calling for a decline towards at least 139.12.
At this point only a break above 145.65 will secure the bullish count and call for the next rally above 147.

1 comment:

  1. Tell me something about gbp/usd.How do you think will develop this currency pair?

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