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EURUSD traded down overnight to complete another impulsive structure to the downside. The break of 1.0520 has confirmed a solid downside bias in the market now. And has forced a slight rethink of the possibilities for the current structure off the recent high.
This count, shown circled in red, proposes that wave [i] green is only now completing, which would account for the lacklustre performance this week. If that interpretation is correct, then we are due a decline back to support at 1200 and then a significant rally in wave [iii] green.
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