I do not have a solid grasp on where the EURUSD is in with regards to short term wave structure but the pattern since the 2/5 low may be a triangle. The current rally would be wave e of the triangle and resistance extends to 13690-13700. It may also be the case that the decline from 13842 is a series of 1st and 2nd waves. Either way, the larger trend remains down.
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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