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EUR/USD: wave analysis on 05.11.2015

A Bearish correction continues.

The pair has continued declining and hit new local lows at 1.0890.Assumingly, a correction as the second wave 2 of the senior level continues and is transforming from flat abc into double zigzag wxy. Locally, a zigzag in wave y of 2 is likely to be forming. If the assumption is correct, when the zigzag finishes, a growth to the level of 1.1500 is expected. A critical for this scenario is the level of 1.0450.

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