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    EUR/USD: on balance further downside expected

       
    The EUR/USD has been falling since peaking last Friday (31st), in what appears to be an a-b-c pattern, however, rather than corrective in nature this a-b-c is falling in line with the broader down-trend.

    The long-shadow very bearish shooting-star is another reason why I am bearish, however, MACD has formed an inverted H&S pattern, which could be bullish if it moves above the neckline. Nevertheless, overall I’m still marginally bearish.

    As such I still expect the pair to reach down and complete wave C at at least the 61.8% Fibonacci extension of leg A, which lies at the 1.0902. A break below the 1.0931 lows could provide additional confirmation of move down to that level.
    EURUSD04final

       
    The EUR/USD has been falling since peaking last Friday (31st), in what appears to be an a-b-c pattern, however, rather than corrective in nature this a-b-c is falling in line with the broader down-trend.

    The long-shadow very bearish shooting-star is another reason why I am bearish, however, MACD has formed an inverted H&S pattern, which could be bullish if it moves above the neckline. Nevertheless, overall I’m still marginally bearish.

    As such I still expect the pair to reach down and complete wave C at at least the 61.8% Fibonacci extension of leg A, which lies at the 1.0902. A break below the 1.0931 lows could provide additional confirmation of move down to that level.
    EURUSD04final


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