I maintain that the EURUSD is headed lower, but possibly in a 5th wave ending diagonal. The larger bearish bias is valid against 13822 although a small 2nd wave may extend to 13650. Short term support is 13430/40. Bottom line – the bigger picture pattern is bearish against 13822 but we cannot rule out a rally to 13650 prior to resumption of the downtrend.
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 atDailyFX Forex Stream. Send requests to receive his reports via email to jsaettele@dailyfx.com.
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