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Friday, March 2, 2012

EURUSD update

Last Friday I posted this chart and EURUSD was 1.3410 and I said that it was overbought and might get to 1.3485-1.35 for the session but to be cautious because it was overbought. So we did go to 1.3480  and then this week we corrected and repeated the attempt to go higher but with no luck so far. So this is the chart prom last Friday. Please take a look at the chart and read the post from last Friday.
Now lets take a look at what do we have so far this week
Last week it looked like that we are going to get a zigzag, but as we can see from this week the movement last Friday was only 3 waves and today we also will finish with three waves down. So what formations do we have that start with 3,3. Well we have a flat that I have showed on the chart, and we have triangle. In either case  1.36  as a minimum target is in the cards for now. Please notice that the b wave can go as far as 1.3120  area, where is the downward boundary of the channel that I have showed above. So for next week I expect maybe  to gap down or open at the today's closing levels and go down for a few hours and then reverse and go straight up to 1.36. In case we it plays out as a flat, we have 5 waves up for c, and in case it plays out as a triangle we will have 3 waves up, 3 waves down and another 3 waves up.

Good Luck:)

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