EURUSD: Up To 1.4 Early In 2013, Then Sharply Down

EURUSD bounced strongly from 1.2000 level in mid 2012 and extended well above falling trend-line of a corrective channel which puts pair to a temporary bullish mode. We believe that this recovery is just another leg within a wave B-triangle that is unfolding already since 2008 swing low. Ideally current wave E rally will complete the pattern around 1.3800-1.4500 area from where sharp fall could follow in wave C towards 1.1 level in late 2013.

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