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February 12, 2020 | EUR/USD Daily View: A Bottom in Place? Maybe

Jack has over 20 years experience in the currency, equity, and futures arena. He is an investment advisor who has held key positions in brokerage, money management, trading, and research. Jack is founder and president of Black Swan Capital LLC. He was also founder of Ross International Asset Management (specializing in global stock, bond, and currency asset management for retail clients) and General Manager of Plexus Trading (specializing in currency futures and commodities trading).

We have been tracking for a while–since November 2019–the possible irregular flat correction pattern, whereby Wave (b) exceeds the beginning of Wave (a) and Wave (c) carries lower than Wave (a), as you can see in the chart below.  An extension for Wave (c) as a percentage of the Wave (a) in this type of pattern can often carry to 1.38–the high end of an irregular corrective pattern.  The 1.38 extension comes in at 1.0901.  The low today was 1.0889.  We are seeing a reversal bar daily basis possibly setting up.  Watching for a close of this bar above 1.0909 for added confirmation a low may be in place; i.e. Wave [ii].

021120 eur daily.png

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February 12th, 2020

Posted In: Black Swan Currency Currents

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