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Jamie's Pick: 08/02/12

Jamie's Pick: 08/02/12

2012-08-02 15:46:00
Jamie Saettele, CMT, Sr. Technical Strategist
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The EURUSD is swinging wildly, which is to be expected given wave structure. For a week or so now, the EURUSD has been in a 4th wave correction. To review, wave 2 was simple and the guideline of alternation suggests that wave 4 will be complex. In other words, expect spikes and perhaps a triangle or flat over the next several weeks. 12500/50 is of interest in the event that a flat unfolds. 12115 is potential short term support following the drop below 12175. I’m currently long from 12175.

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