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US stocks and the US dollar look poised to resume their uptrends. This means lower levels for the EUR/USD, and the technical pictures supports this. The EUR/USD has appeared to have to topped as projected last week. It has followed the channel resistance well so far. A nice close beneath the previous low will also break down the upward sloping channel at 1.0710. A nice close beneath that level should trigger heavy selling pressure with the wave ii) high remaining intact. Once we get a convincing move downward I will restructure the chart and channels to the downside. Look for lower levels immediately from here.
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euro.jpg
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