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Euro Stalls at Fibonacci Extension

Euro Stalls at Fibonacci Extension

2011-02-02 15:44:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

Document2_1_body_eurusd.png, Euro Stalls at Fibonacci Extension

Prepared by Jamie Saettele

Yesterday’s close was at the 100% extension of the rally from 12873 to 13456, at 13827. I expect a top as per the presented wave count but this is as far as the EURUSD can go with this count remaining favored. RSI divergence with the latest peak warns of a top here. Do not forget that the rally from 11875 is in 3 waves, which favors the downside.

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