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Wednesday, March 19, 2014

Elliott wave analysis of EUR/USD - The major B-wave triangle is still developing

EUR/USD

The break above the former top at 1.3894 indicates that wave e of the B-wave triangle still isn't in place. The break above 1.3894 calls for a continuation higher towards at least 1.4100 and likely even higher towards 1.4250, but it could extend higher towards 1.4564 before wave e is over and wave C lower will take over.
Strong support is now found at 1.3825 and should protect the downside for the test of 1.4100. A break below 1.3825 will once again frustrate the overall Picture, but only a break below support at 1.3643 indicates that wave e is in place.

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