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The EURUSD has dropped to its lowest level since January and still lower prices look likely near term. Consolidation since Thursday may be taking the form of a triangle. In fact, completion of a corrective pattern and subsequent drop to a new low would compose 5 waves lower from 13935. A downside level to keep in mind is the mid January pivot at 13243. Strategically, I like shorting any bounces within the consolidation with a stop above 13566 and objective in the mid 13200s. We should then have an opportunity to play an early October reversal.

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