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Jamie's Pick: 07/30/12

Jamie's Pick: 07/30/12

Jamie Saettele, CMT, Sr. Technical Strategist

The EURUSD is weak this morning but support is expected from 12175-12215. To review, 5 waves up from 12040 favors additional upside. Always on the lookout for where I am wrong, a drop below 12040 wouldn’t necessarily lead to extended weakness as an alternate interpretation for the rally from 12040 is wave c of 4 (making a new low terminal in a 5th wave).

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