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Summary

  • Long term outlook: Up
  • Medium Term Outlook: Up
  • Short Term Outlook: Sideways to Up
  • Medium term revision Point: Break below 0.9639
  • Potential Long Term Targets: 1.2300, 1.2700, 1.3300 and 1.4300
  • Preferred Strategy: Looking for a Low Risk, High Probability buy signals to trade a potential wave five of a larger wave three.

With a possible wave III.3 at the February 19, ’10 high, we now seem to be in wave IV.3. If this is correct, we would look for possible reversal signs at around the 1.0530 to 1.0510 levels for long positions to trade the possible wave V.3 rally. A close below the 1.0441 level will render this scenario invalid, forcing us to review our medium term count in the pair.

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