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Thursday, December 12, 2013

Elliott wave analysis of EUR/USD - Still looking for a top of wave 2

EUR/USD:

We have seen wave v of c move a Little higher, but the important resistance at 1.3832 is still unbroken. I'm still looking for a break below 1.3740 to confirm, that we have seen wave 2 terminate and wave 3 lower towards 1.2731 is evolving.

However, a break above 1.3832 will invalidate this Count and tell us, that wave E hasn't ended yet and we should expect more upside towards 1.4247. 

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