By
Forex4you |
Technical Analysis | Oct 12, 2011 11:51AM GMT |
I am tentatively bullish on the small bounce developing from the lows reached this morning when the exchange rate found formidable support at the 0.8935 lows. This level represents a natural stopping point and the corrective bounce may be an Elliot 4th wave, with the potential to reach 0.9022. After that it will probably resume its journey lower, to retouch the 0.8935 lows, if not slightly lower.

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