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EURUSD is bullish in the last few weeks but now it is also trading sideways around the 1.3800 area which is nothing else than just another corrective pause within a larger uptrend.

We suspect it’s wave (iv) that is part of an incomplete five wave rally in wave 3 from 1.3470. As such, sooner or later pair should accelerate to new highs, which will be a fifth wave of 3 that may reach levels around 1.3860/1.3900 later this week.

Meanwhile we also need to keep an eye on the 1.3700 level where our impulsive bullish count would become invalid as wave (iv) must not trade into the territory of a wave (i).

eurusd oct 29 2013 4h elliott wave analysis technical outlook and sentiment for currency trading