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The EURUSD turns lower but we see three legs down from the high, with the current price at wave c)=a) equality level. As such, despite early losses we may see a new turn to the upside, ideally into wave (v) of C that will be looking for 1.2230/50 from where price can turn down later this week.  

EURUSD 1h Elliott Wave Analysis

EURUSD technical analysis Elliott Wave outlook August 17 2015 forex

The German Dax is trapped in a fourth wave from where we expect move down into wave five, which is also bullish for EURUSD. On the stock index we see a triangle in progress so downtrend should resume after wave e) is done.

DAX 1h Elliott Wave Analysis

DAX technical analysis Elliott Wave outlook August 17 2015 forex

 

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