Bigger picture, “staying below 14583 keeps the larger trend pointed lower in either a 3rd wave or C wave. If a C wave, then the decline should extend to the 13650-13750 area. If a 3rd wave, then the decline likely extends closer to 13000.” Near term, favor the downside against 14200, as there are 5 waves lower from that level. There is potential resistance at 14110/25. Above 14200 would shift focus to 14250-14335.
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.
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