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

We are talking about a blue wave (2) which is   showing signs of completion around 1.3420 level after sharp decline in the last two weeks which is an impulsive move. As such, we expect further weakness in coming days and weeks, ideally back to April low as a first projectied target zone on the way down.

EUR USD Elliott Wave Analysis July 2013 technical trading for forex traders

Traders, please check our next video on EURUSD and why we think that pair may fall much lower in the next few days and even weeks.