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17.09.2012 12:04 PM
EUR/USD WAVE Analysis. Weekly Review

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During trading sessions, the upward movement started this week continued and amid the news about the following QE3 the EUR/USD pair reached the level of 1.3170. Thus, the quotes climbed more than six and a half figures during more than one week which can signify about continuation of such trend. However, despite such positive and dynamic growth, inner wave structure of wave 3 is a little bit unfinished which enables the targets near 32 figure.
Targets for correctional movement in terms of wave 5 in с or 3:
1.3148 and higher – 76,4% Fibonacci
Target for down wave scenario (probably 1 or a):
1.2937 – 61.8% Fibonacci
1.2766 – 50.0% Fibonacci
Summary and Trading Recommendations:
The euro was moving within the correctional trend area which can be called impulsive. Thus, this week the quotes growth in terms of wave 5 in с or 3 towards the level of 1.3148 and higher which is equal to 76.4% Fibonacci is possible. However, after this wave is built, the pair may fall down towards 1.2937 and 1.2766 which is equal to 61.8% and 50.0% of Fibonacci in the terms of the first wave of the downtrend or wave 4. However, the upward channel indicates prolongation of uptrend. MACD do not show any divergences.

Summary
Urgency
Analytic
Alexander Dneprovskiy
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