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EURUSD moved higher on Friday which should not be a surprise as we know that after every five waves, a correction follows. We can count an impulse down in red wave 1) so the current upward reaction is normal.

We are tracking wave 2) that represents a contra-trend reaction that should be made in  three legs. We will be tracking A-B-C waves up to 1.3700-1.3750 region from where pair could turn down again, back to 1.3543. Critical or invalidation level remains at 1.3891; as long it will hold, trend is down.

EURUSD Elliott Wave analysis January 13 2014 for currency trading forex