I continue to favor the bearish count in which the EURUSD rally from 14216 is wave 4 within the 5 wave drop from 15144. Having nearly reached 14500 last night, a top could be in place. There would be 2 equal legs up from 14216 at 14502. This level is also defended by former support. The next level of potential resistance would be 14570/84 (38.2% and former support). Rallying much above there would put the bearish count in jeopardy.
Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Friday evenings), technical analysis of currency crosses on Monday, Wednesday, and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forum. He is the author of Sentiment in the Forex Market. Follow his intraday market commentary and trades at DailyFX Forex Stream. Send requests to receive his reports via email to jsaettele@dailyfx.com.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.
