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EUR/USD, GBP/USD: Targets On Long-Term Charts - Morgan Stanley
Using Elliott Wave technical analysts, Morgan Stanley outlines the next targets on long-term charts for EUR/USD and GBP/USD. EUR/USD: 1- Having broken below the 2012 low at 1.2043, EURUSD accelerated its decline. 2- The next key level we now watch is around 1.1230, marking the bottom end of the 5-year trend channel. Currently in a C-wave, the medium-term outlook is bearish. 3- We watch for a break of 1.12. This is also the 61.8% retracement of the bullish move from 2000-08. GBP/USD: 1- GBPUSD entered the 5th downward trend from the peak of 1.7192 in July 2014, suggesting completion below the 3rd wave low at 1.35. 2- ... (full story)
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