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EUR/USD Surges Set For The Big Fall
By Benny Nardino | March 28, 2008
The law of nature has it that what goes up must come down. There is a general consensus among forex traders that the EUR/USD, euro-dollar is heavily over bought. Is this EUR/USD trend sustainable?
In recent weeks we have seen tremendous upward surge in the EUR/USD, euro-dollar even when there were no significant news to warrant it. A lot of these were due to the dollar weakness and the news of the subprime mortgages.
However, there is a general consensus that the EUR/USD, euro-dollar is heavily over bought. From the chart above, consolidation to the trend line at 1.4460 is inevitabe. We could see this in the next few weeks and months ahead.
Realistically, we see this happening within the second or the early part of the third quarters of the year when most of the euro-zone economic trades and data for early part of the year would have been reported. We anticipate the 4th-wave on the Elliot-Wave analysis. We have positioned ourselves for the reward when it does.
Have a great day of trading.
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