The EURUSD is either headed lower in a terminal thrust from a triangle or is headed higher following completion of a ending diagonal. Given the media’s focus on the euro decline, the latter seems more likely. From a strategic perspective, I like shorts below 13690 with a stop and reverse at that point. If the stop and reverse is triggered, then the initial objective is 13840. If not, then the downside objective is 13100.
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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