The drop below 13383 makes the rally from 13266 a definitive 3 wave structure. The only possible bullish outcome at this point would be from a flat (which has subwaves 3-3-5). 13400-13440 is potential resistance and an area to establish short positions against 13545.
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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