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Currency Strenght

Wednesday 26 January 2011

EURUSD CHARTS



No change in EUR/USDs outlook. Upside moment remains a bit unconvincing. But still, with 1.3539 minor support intact, intraday bias remains cautiously on the upside
and ABC=D Harmonic coming in at 1.375 and 1.3850
looking for weakness around these Prices

I also have a 4hr Elwave count where we can clearly count 5 waves ending @ 1.370 @ 1.3850 sell zone which is also the harmonic D Sell zone 
A break of Poseidon Warning line signalling possible weakness, but we will remain caution and Waite for a retest of the back of the Trend line which should bring us into ending of the 5th wave sell zone. Break below 1.360 will confirm 5th wave count where we can begin to count 5 waves down and look for sell set ups

EURUSD Presently neutral however prices are on the positive side of the Bollinger Bands and midway of the Andrew pitch Fork(Poseidon)on the higher time frame.However prices have Halted at the falling trend line and presently bouncing in this wedged area.


With the Fed's monetary meeting proving to be disappointing with a dovish tone attached the Bull's maybe able to sustain these levels for another push into the Harmonic Sell Zone.

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