I wrote Friday that “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.” After slipping to 12480, the EURUSD has continued higher and is approaching the mentioned corrective channel. I am on the lookout for a top from 12675 to 12800ish.
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