We have seen a very strong turn lower on Friday on EURUSD pair. Actually all dollar pairs showed stronger USD in the last few sessions, which is actually not a surprise as normally flows changes around holidays, and today is Presidents’ Day in the US. Normally this are only temporary flows, which means that current decline on EURUSD, or USD move in general may not be start of a new dollar trend yet. With that in mind, I also must consider price action and guidelines of the recent rise on EURUSD from Feb 09; its in three waves and it stopped at the old high. That’s a typical price formation of a wave b) that belongs to a flat correction.
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