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Euro Technical Outlook

Wednesday, 23 April 2008 13:10:55 GMT

Written by Jamie Saettele, Currency Analyst

See yesterday's chart for the count from late last year.  The rally from 1.5342 is wave v.  Wave v (unfolding as a diagonal) would equal wave i at 1.5953. 

Obviously, the high has exceeded this measurement  It is possible to count 5 waves in a diagonal from 1.5342 to 1.6018 with the last leg of the diagonal stopping near the line that connects the tops of wave i and iii of the diagonal, so a top may be in place.  Coming under 1.5712 would confirm that a top is in place.  Be sure to check DailyFX + for alerts.

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