EURO / US DOLLAR ANALYSIS and FORECAST

Is EUR/USD ready for a big swing down?

I ask myself that question because this currency pair appears to be sitting at an important crossroad. It’s received some support from a six-month old rising trend line and hasn’t moved far from there for several days.

On October 26th, it completed a five wave move up that began on August 17th/09. Generally after five waves a fairly large correction can be expected, but not guaranteed, and the drop for the October high of 1.5062 can’t be described as large in the relative sense since it currently approximates corrections that occurred in August and September.

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