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Thomas Long, Course Instructor

That scenario still holds true this morning as the daily chart still shows a strong downtrend which means that we should continue to look for sells. In this downtrend, which started off of the highs in December of 2009, the corrective moves up against the trend have measured between 300 and 600 pips. This move up off of this low has measured 475 pips or so, which means that if the downtrend is still intact, this market is close to ready for a reversal back to the downside. I think the best play is to wait for some sort of confirmation of that move down, which is why a sell on a break down through the 1.21671 level would be my plan of action.

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.