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Euro Technical Outlook

Tuesday, 17 June 2008 14:19:19 GMT

Written by Jamie Saettele, Technical Currency Analyst

There is little change to the larger structure but the very short term EURUSD pattern has resolved itself.

Expectations are still for price to exceed 1.5843 in the next 3 to 4 weeks.  Near term, the rally from 1.5303 to 1.5552 (last night’s high) is in 5 waves, which serves as wave i of the next 5 wave cycle.  A small wave ii is underway now and should end in the 1.5400/50 zone (Fibo zone).

STRATEGY: Get bullish near 1.5400/50, against 1.5300, target above 1.5843

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