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Euro Technical Outlook
Thursday, 18 June 2009 14:04:17 GMT  |  Jamie Saettele, Senior Currency Strategist
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Staying below 1.4181 keeps the trend pointed down.  The series of lower highs and lows since 1.4340 may be a series of 1st and 2nd waves.  Under this scenario, the next decline will be a third of a third (powerful).  It is also possible that the current decline is wave 4 of a diagonal from 1.2454 (alternate labels).  I wrote yesterday that “a push above 1.3935 may be required in order to complete the small second wave from 1.3747.  1.4010/30 should provide resistance in such an event.”  Price has exceeded 1.3935 and is approaching the 61.8% of the former decline, which is at 1.4015.  If reached, expect stiff resistance near there.

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