A larger EURUSD rally, probably a 4th wave, may be underway towards 13870-14030. 4th waves are often choppy, usually flats or triangles. An impulsive rally from 13433 and corrective decline from 13738 may be nearing completion. Watch 13500 for support. Still, I am uncomfortable with long positions at this point as equities are testing key resistance levels (the alternate count is presented with the USDCHF).
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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