Monday, March 15, 2010

EUR/USD Pair Daily View 3/12

Taking a step back for a longer term view of the entire EUR/USD decline since last November. Notice the peak of waves 2 and 4 defining the upper trend channel lines, and the hit of wave 3 on the lower. Classic Elliott wave so far. Also notice the double peaks of RSI on waves 1 and 3. Usually, wave 5 will diverge from wave 3 in terms of strength, so we will have to watch for this divergence when the time comes.

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