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Euro Technical Outlook Euro Technical Outlook
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Old 09-02-2008, 12:00 PM
DailyFx's Avatar
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Join Date: Jan 2007
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Default Euro Technical Outlook
Continued weakness indicates that the EURUSD remains in a 5th wave from 1.4908. The corrective nature of the decline indicates that the drop from 1.4908 is unfolding as a diagonal triangle.



Diagonals are slow and choppy and punish those that try and pick bottoms (yours truly). A slow rally back to 1.4600/75 may begin soon as wave iv before the final low is registered in wave v. The Euro has been moving in lockstep with oil, which bears watching.
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