The EURUSD decline from 14535 is viewed as the first of either a 3 or 5 leg decline. The drop is impulsive (5 waves), indicating that additional weakness is likely. Resistance should be expected between 14400 and 14427 (50% and 61.8% retracements) – the former of which is also a daily high. I am looking lower towards 14100 (61.8%).
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