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GS titled his Ellito Wave Technical Technical Analysis of the Euro / US Dollar:
The EURUSD is back in search of low levels over several months …
- The level to watch here is 1.1177-1.1156
And continue:
- Since August, the action on prices has been corrected and overlaps. At this point, it is difficult to have a firm vision on both sides until a break in this range is reached. In addition, there were two false breaks down; the first in November through support 1.13, the second in March through the 1.12.
- The 1.1177-1.1156 pivot includes both the March 7 interim low as well as an ABC target at the top of March 20. This means that the sale continues to have a corrective nature. We should see a break below 1.1177-1.1156 to trust a more impulsive drop. For the moment, it seems reasonable to look for a base / reversal.
- View: Up to now, not seen the slightest evidence of an impulsive sale. Next focus 1.1177-1.1156. Beware of another base / inversion. You need it below to catch your momentum.
Please note, the table is from Friday …
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