The structure of the EURUSD rally suggests at least a setback to 12480 as the rally from 12150 is in 5 waves. Still, strength upwards of 12675-12775 cannot be ruled out. 12675 intersects the corrective channel on Tuesday and 12775 (100% extension) on 7/13. As always, I will update short term developments through the DailyFX Forex Stream.
Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday evenings), technical analysis of currency crosses on 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.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.
