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EUR/USD: Technical Analysis

The wave pattern of the move down off the February highs appears to have completed 5 waves at the level of the monthly pivot and the pair has just completed a shallow correction. It is now falling again in line with the trend and I would expect it to revisit the 1.3037 lows. From there its a bit of a gamble as to where next. There is the possibility it might extend the consolidation and possibly even work its way back up to key resistance at around 1.3150, whilst it is also possible a new bearish wave down could begin, targeting support at 1.2978 lows first and then 1.2890.

EURUSD140312.png

Analysis by: Joaquin Monfort

Forex4you analyst

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