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Euro Continues to Hold Up

Euro Continues to Hold Up

2011-03-14 14:35:00
Jsaettele,
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60 Miunte Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Continues to Hold Up

Prepared by Jamie Saettele

3 wave movements are countertrend and EURUSD rallies from 11875 and 12873 are each in 3 waves. Both 3 wave movements are divided in Fibonacci proportion (the rally from 11875 consists of 2 equal legs while the rally from 12873 is divided by .618). A trendline extended off of the November 2009 and November 2010 highs held last week as well. Short term, the 5 wave decline from 14036 lends a bearish view to the pattern. Weakness below 13743 is needed in order to indicate an intra month reversal.

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