The EURAUD reversed after piercing channel resistance yesterday. A new low is favored below 12227, which could complete 5 waves down from 13809 (11/23/11 high). 12000 is an objective. This level, while psychologically significant, is also close to a classic measured objective that is found by extending the width of consolidation from the breakout (width of consolidation is 12477-12227 = 250, 12227-250 = 11977).
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