Bigger picture (over the next several weeks), additional strength is expected upwards of 12675, which is the 4th wave extreme of one less degree, and possibly 13000. Near term, the rally from the low is choppy, overlapping, and therefore corrective. The advance may very well be just the first leg of a larger complex correction. The EURUSD is vulnerable at this level, perhaps in a B wave decline. 12240 is initial support, followed by 12150.
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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