Daily Bars
Prepared by Jamie Saettele
“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).” The decline from 13340 may be unfolding as a series of 3 wave declines (double zigzag). The next opportunity will be from the short side against 12920. 12470 and 12200 are targets. 12780 and 12820 are resistance areas.
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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