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Euro moved higher yesterday, extended the gains after a broken resistance line, which suggests that we have a temporary bottom in place.

We are now looking at the updated wave count which suggests that Euro trades in the first leg of a recovery; wave (A) which is part of a 3-wave corrective bounce that should occur in wave E.

Guest post by  Gregor Horvat

We believe that current wave (A) will find resistance somewhere around previous wave B) running triangle and also somewhere around 38.2-50% retracement area, measured from August highs.

 

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