ForexPros Daily Analysis March 22, 2011


Euro reached new highs in recent trade, reaching levels close to 1.4250 Fibonacci resistance region where gains may slow down, since we are looking for a top of a fifth wave within an extended wave (iii). We know that after every five waves correction follows, which in our case would be only a wave (iv) pull-back before uptrend resumes. Once wave (iv) “corrective personality” is recognized the Long trading opportunity will be on the table against the 1.4050 critical support region.

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Forex Trading analysis written by Gregor Horvat for Forexpros.

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