Since mid of last year EUR/USD has been developing quite a strong bearish trend and based on Elliott Wave cycle (see Figure 1) we still have a lot further to go. Currently we can count 3 waves of major degree and with wave number IV currently being under development. Usually during this stage of the cycle we should expect some consolidation and an ABC correction. Right now we're still in the initial phase of this whole corrective move as we only managed to develop wav…
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