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    EUR/USD: a-b-c correction potentially complete

       
    The pair is still in a mini-down-trend which found support at the 1.0818 lows and then rebounded sharply on Tuesday. It formed an incomplete a-b-c pattern which began its C leg higher this morning.

    Wave B was deeper then expected so the target I previously gave of 1.1048 may be a little high, as it was based on a shallower B. The new B indicates C may not quite reach as high, possibly only getting to 1.1025; in fact it may even already be complete given it has reached the minimum requirement of the 61.8% projection.

    The mini-down-trend is still technically dominant, so if a-b-c pull-back is finished there is a possibility of a continuation lower back down to the low 1.08s, or possibly even lower. There are no signs yet of such a recapitulation, however.

    A bearish move clearly below the 1.0807 support lows – so below 1.0787, would probably provide confirmation of further downside to 1.0705.
    EURUSD23

       
    The pair is still in a mini-down-trend which found support at the 1.0818 lows and then rebounded sharply on Tuesday. It formed an incomplete a-b-c pattern which began its C leg higher this morning.

    Wave B was deeper then expected so the target I previously gave of 1.1048 may be a little high, as it was based on a shallower B. The new B indicates C may not quite reach as high, possibly only getting to 1.1025; in fact it may even already be complete given it has reached the minimum requirement of the 61.8% projection.

    The mini-down-trend is still technically dominant, so if a-b-c pull-back is finished there is a possibility of a continuation lower back down to the low 1.08s, or possibly even lower. There are no signs yet of such a recapitulation, however.

    A bearish move clearly below the 1.0807 support lows – so below 1.0787, would probably provide confirmation of further downside to 1.0705.
    EURUSD23


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