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June 23, 2010
Since the 1875 low on June 7, a turn date called out on this site, the EURUSD gained 600 pips to 2466 where it fell today to 2204.
The move from 1875 can be counted as a double zigzag wave (A) and today’s low is then a wave (B) and on the chart you can see a channel forming where wave (B) found support on the channel support line.
June 23, 2010
GBPUSD made up over 700 pips since the turn day on June 6, 2010, a day called out by this site.
It has now broken upward out of the channel and is fighting resistance from a longer term downward channel. If price breaks clear of this resistance the next hurdle will be at 5050 and a clear break above will give room to attack 5160 which is a Gann resistance. Price has been very choppy going upwards in what looks like a double zigzag, but with price threatening to beak out of the channel we need to see if something else is happening.
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