Euro / US Dollar
60 Minute Bars
Prepared by Jamie Saettele
The EURUSD is now nearly 1300 pips off of its June low and has slightly exceeded the 38.2% retracement of the decline from 15144. I wrote last week that “the spike above 13034 satisfies minimum expectations for the end of wave v of C but that additional strength could test 13185 (a confluence of Fibonacci extensions).” Expect resistance near the mentioned 13185. Price needs to stay below 13250 in order for this count to remain valid (that is where wave v would be larger than wave iii).
Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday evenings), technical analysis of currency crosseson 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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