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Eur/Usd In Upward Correction; Downtrend Should Resume Soon


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Apr 12 2012

Euro unfolded impulsively from 1.3382 peak, which now appears to be wave (i) bottomed at 1.3035. We know that impulses shows direction of a trend, so we will be looking for further weakness in days ahead with fall beneath 1.3000 psychological mark. However, before downtrned resumes, pair will look for deeper pull-back ideally into 1.3200 zone, where wave (ii) may find a top.

Critical/invalidation level is at 1.3382.


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