I wrote yesterday that “the EURUSD is either headed lower in a terminal thrust from a triangle or is headed higher following completion of an ending diagonal. Given the media’s focus on the euro decline, the latter seems more likely.” A larger EURUSD rally, probably a 4th wave, to 13870-14030 is underway. 4th waves are often choppy, usually a flat or triangle. Near term, I am looking for a dip below 13600 in order to get long.
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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