EUR/USD: After the marginally new low was set the market entered the outlined upside correction phase. Initially we thought that it should bring the pair back to the 1.3218/55 area but given the very impulsive three wave bounce Friday there’s certainly a growing possibility that we actually have completed the reaction. The primary reaction target will however come into play breaking above 1.3190 whereas a move below 1.3154 and more importantly 1.3126 will pave the way for new lows.
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