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Euro Technical Outlook

Monday, 30 June 2008 14:09:52 GMT

Written by Jamie Saettele, Technical Currency Analyst

The EURUSD is expected to exceed 1.6018 and continue on to all-time highs in the next few weeks.

As mentioned though, a triangle may be unfolding.  The advance from 1.5303 would be wave D and wave E would begin from below 1.5843 (now).  E waves of triangles are usually sharp and deep; so it is probable that the decline would continue until 1.53/1.54.  Still, remain bullish against 1.5468 since the larger pattern is bullish and since there is the possibility that wave IV is already complete.

STRATEGY: Bullish, against 1.5468, target above 1.5843 (but beware of the triangle potential)

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