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| EURUSD appears to be completing its B wave Correction lower with a thrust under its channel support. What I have labeled as Wave 4 Black may actually be a part of Wave 3 Black with one more thrust to finish the decline. However, given the proximity to the origin of Wave A, I feel the risk/reward is justified as it is currently labeled. It
feels almost wrong to be bullish on the Euro given all the negative news lately,
but recently commercials have been buying Euros at record levels
according to the COT data. This usually corresponds to significant
bottoms in the EURUSD. |
Monday, December 12, 2011
Euro heading higher?
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