Thursday, March 4, 2010

EUR/USD Double Zig-zag

 
This is my current view of the EUR/USD pair. I think a double zig-zag is forming, primarily because the price action of the beginning of the wave I have labeled as X does not look impulsive, even on a minute scale, so I think there is another downside corrective move to come, most likely another zig-zag, which should take the pair closer to the 61.8% Fib where I will be looking to buy.

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