60 Minute Bars
Prepared by Jamie Saettele
It remains possible that “this rally is the beginning of a C wave that will exceed 13340. I expect to go long next week, ideally on a pullback near 12750/80.” The estimated support has been reached but the decline from 12920 is in 5 waves (impulsive), which suggests that the larger trend remains down. This leaves the rally from the low as a 3 wave affair (corrective). 12780-12820 is the resistance area.
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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