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 but the EURUSD decline from the recent high is in 5 waves (impulsive). 12360 is initial resistance and is a level to establish short positions.
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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