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Euro Technical Outlook

Tuesday, 29 July 2008 14:40:05 GMT

Written by Jamie Saettele, Currency Analyst

If wave C of an expanded flat that began at 1.6018 is underway, then price will remain below 1.5944.  

The rally from 1.5628 is wave ii of 3 of C and is either complete at 1.5768 or will push a bit higher towards measured resistance at 1.5792 (which is also former congestion).  The ultimate objective is not until below 1.5283.  Trading below 1.5611 would boost confidence in the bearish bias.

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