Since yesterday morning, the pair is hovering just back inside the daily channel and just below the recent high of .8526.
It's possible to trace out a fourth wave triangle on the three-hour chart and if this true then one could expect a price target for wave five of at least .8347. Certainly a break of Nov. 11th low at .8450 would lend support to this argument. .8450 is where it has tried to hammer a base as well as being the .618 retracement of 8143/8941 and a price support. I'm short from .8511 (I was taken out of my first one at breakeven and went back in).
Eventually the pairs will start to move.
© Dianne Fecteau, 2010. No part of this material may be reproduced in any form, or referred to in any other publication, without the express written permission of the author.
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