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Elliott Wave: EU Highs In Place, Only Bears Ahead

Posted by Nelayan Forex On 5/16/2011 12:31:00 AM


Elliott Wave Corner
Eur/Usd Long-term: 2011 Highs In Place, Only Bears Ahead
Sun, May 15 2011, 08:41 GMT
by Gregor Horvat - Elliott Wave Forecast


Two extremely bearish weeks for Euro from recent highs and broken trend line connected from start of the year, definitely suggest that we have a top in place on Euro.

Usually when we look for reversal in trend we try to pick least aggressive outlook. As such, we are looking for incomplete wave II) structure, where flat correction appears to be the best idea, with wave B top and lower wave C in process. If that is correct, then five wave decline should send the Eur/usd back towards previous wave A support; near 1.2870 region in coming months.

This outlook also suggests that Eur/Usd has already reached high of 2011!

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