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Euro Moving Into 1.3600/1.3700 Resistance Area

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Sep 27 2011

Eur/Usd reached new lows yesterday, but reversed just few hours after that with another 200pip swing during the European and US trading hours. As such, we came out with the solution that the first impulsive decline from 1.3934 is complete and that pair is now trading in larger corrective red wave 2) as labelled on the chart. This leg should find resistance somewhere between 38.2% and 61.8% Fibonacci retracement levels, measured from 1.3934. This pick is also critical/invalidation level as wave 2) must not retrace more than 100% of a wave 1), but we believe that even 1.3794 break would already threaten the bearish outlook.
So, as things stands right now, we are still bearish!




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