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EURUSD: Bearish Reversal In Progress-More Weakness In View


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June 24 2013

On EURUSD we can count three waves up from 1.2750 low which we believe it represents a corrective, contra-trend price action within a larger downtrend. We are talking about blue wave (2) which is now showing signs of completion around 1.3420 level after sharp decline last week which is impulsive move. As such, we expect further weakness in coming days and weeks, ideally back to April low.

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