Weekly chart EURUSD.
EURUSD in major triangle correction after prior up trend wave 5 completion end-2007.
It is forming a triangle, with waves "a-b-c-d" completed.
It is expected to move down for a while to complete wave "e".
From wave "e", it may form smaller waves to move nearer to the apex; or just begin with wave 1 up.
As wave 5 was about 4400 pips in size, wave 1 can be expected to be at least equal to wave 5.
Based on this, wave 1 can at least reach and meet resistance at top of wave 5 at around 1.60; with the next target at 1.67 if it breaks 1.60, highest in the past 15 years.
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