EUR/USD 01/01/2011

November 1, 2011

Remarkably we have seen the gains in this pair last week cancelled out in one day. We are back in the 1.39xx-38xx range plus there is evidence of a 5 waves down movement which means a high possibility that we have seen a top near 1.4250. Watch for a pullback near 1.4080 for an opportunity to ride the move down which should target near 1.30xx in a few weeks. It is also possible for this W.2 pullback to approach 1.40xx and form a double-top like formation given the current uncertainty in Europe.

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