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EUR/USD Technical - 24/Feb
Written by Praful Patat   
Thursday, 24 February 2011 05:39

EURUSD is forming ABCD pattern still in progress from Fib No 61.8% at 1.3537 from 1.3427 to 1.3715, extension 127.2% at 1.3792, 161.8% at 1.3891. EURUSD is possible to back from 1.3792 extension, again come to 1.3690 on intraday. EURUSD break of 1.3792, further going up side to 1.3891. In EURUSD strong support is 1.3696. EURUSD stays below 1.3696 then down toward to 1.3557 again come.
In bigger range EURUSD will go up to 1.4127 as per Elliot Wave principle. Wave 5 over at 1.4127 level. IF fail in Elliot Wave then going down to 1.3298.
Strategy: Sell at 1.3792 target 1.3690 with stop loss 1.3906.
New High:  1.3767, 1.3836, 1.3817.
New Low:  1.3629, 1.3698, 1.3679.

EURUSD is forming ABCD pattern still in progress from Fib No 61.8% at 1.3537 from 1.3427 to 1.3715, extension 127.2% at 1.3792, 161.8% at 1.3891. EURUSD is possible to back from 1.3792 extension, again come to 1.3690 on intraday. EURUSD break of 1.3792, further going up side to 1.3891. In EURUSD strong support is 1.3696. EURUSD stays below 1.3696 then down toward to 1.3557 again come.

In bigger range EURUSD will go up to 1.4127 as per Elliot Wave principle. Wave 5 over at 1.4127 level. IF fail in Elliot Wave then going down to 1.3298.

Strategy: Sell at 1.3792 target 1.3690 with stop loss 1.3906.

New High:  1.3767, 1.3836, 1.3817.

New Low:  1.3629, 1.3698, 1.3679.