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Possible EUR/USD Reversal?

April 23, 2007 (Last updated on November 28, 2009) by

Jamie Saettele, Technical Currency Analyst of DialyFX suggests a soon EUR/USD reversal movement considering several Forex technical factors that can influence traders in the next few weeks. Saettele lists several Resistance levels which might appear to be quite impassible for EUR/USD bulls, while providing more in-depth technical analysis to prove his point. To read more of Jamie Saettele’s article click here. I’ve tried to apply my own analysis combined with Wolfe waves theory and have came to the conclusion that the major turning point in EUR/USD is quite possible to happen this week:

Point “5” (see chart) is the point after which the strong bearish must follow. This wave (according to Wolfe waves rules) will last until it reaches a cyan line which goes through points “1” and “4” — this is 1.2700–1.2800 level, which is quite far below. Nothing can be guaranteed on Forex market, but I think that we’ve got a good probability of some bearish movements on EUR/USD.

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