Keep an eye on this currency pair as a major break above the long term downtrend line from mid-2001 could be just ahead.
Looking at the long term count, we ended wave 5 at 0.7076 in August 2011 and have since seen wave A of a major correction towards at least 1.1361 ending at 0.9972 and wave B likely ended at 0.8792 in late December 2013 and wave C higher is developing. If this is the case I would like to see minor support at 0.9048 protect the downside for a rally higher to 0.9109 and ideally to just above 0.9127 to confirm that wave C is under way.
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