>From Jamie Saettele, Senior Currency Strategist and Joel Kruger, Technical Currency Analyst
EURO / US DOLLAR
|Classical Outlook: Has shown impressive upside this week following the previous weekly bullish reversal, and the market is now officially in the process of a material correction within the broader downtrend. While daily studies have now reached overbought, the weekly studies show more room to run, and we look for additional upside into the 1.3850-1.4000 area early next week before considering bear trend resumption.
|Elliott Wave Outlook: The bulk of the advance from 1.2475 is complete. The sharp rally is most likely a second wave a 5 wave decline from 1.4723. Expectations over the next several weeks are for a top to form in the 1.38-1.40 zone. The first target at 1.33 was hit and the stop is trailed to 1.34 on the rest of the position.
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