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EUR/USD made three legs up from the 1.2750 low to 1.3420 which we believe was a corrective, contra-trend price action within a larger downtrend.

We are talking about blue wave (2) which is showing signs of completion around the 1.3420 level after a sharp decline in the last three weeks with an impulsive personality.

Notice that the pair is now already testing an important trend-line from the October 2012 swing lows. A break here is expected – something which may cause a significant decline in the second part of this year.

EUR USD Elliott Wave Analysis July 9 2013 for technical trading of foreign exchange

EURUSD VIDEO ARCHIVE June 24 2013: