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Saturday, 8 February 2014

EUR/USD Daily

  


General overview for 08/02/2014

The Dec.’13 high of 1.3893 completed wave ‘B’ within a larger expanding flat sequence that dates back to the Feb.’13 high of 1.3711. This implies a sustained downswing in the months ahead, with idealised targets measured to 1.2528 basis a fib. 23.6% extension of the initial 1.3711-1.2746 sell-off. Seen from the larger perspective, the expanding flat sequence is seen as a counter-trend correction to the preceding 1.2042-1.3711 upswing. Once completed, the Euro/US$ is expected to continue higher into late 2014, with ultimate upside remaining unchanged to 1.4408.
Description – Intermediate wave (E) that began from the 2012 low of 1.2042 is shown unfolding into a single zig zag sequence, subdividing into minor degree, W-X-Y. Wave W. completed into the February ’13 high of 1.3711 and is followed by an expanding flat counter-trend correction for wave X. that is projected to downside at 1.2528 for completion. Only then is wave Y. expected to begin – subsequent and ultimate upside is forecast towards 1.4408 by a fib. 38.2% extension of wave W.


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