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Euro Wave Structure Suggests Fading Spikes is Correct Move

Euro Wave Structure Suggests Fading Spikes is Correct Move

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.

EURUSD – Daily Bars

Euro_Wave_Structure_Suggests_Fading_Spikes_is_Correct_Move_body_eurusd.png, Euro Wave Structure Suggests Fading Spikes is Correct Move

Prepared by Jamie Saettele, CMT

EURUSD – 240 Minute Bars

Euro_Wave_Structure_Suggests_Fading_Spikes_is_Correct_Move_body_eurusd_1.png, Euro Wave Structure Suggests Fading Spikes is Correct Move

Prepared by Jamie Saettele, CMT

To contact Jamie e-mail jsaettele@dailyfx.com. Follow me on Twitter @JamieSaettele

To be added to Jamie’s e-mail distribution list, send an e-mail with subject line "Distribution List" to jsaettele@dailyfx.com

Jamie is the author of Sentiment in the Forex Market.

Meet the DailyFX team in Las Vegas at the annual FXCM Traders Expo, November 2-4, 2012 at the Rio All Suite Hotel & Casino. For additional information regarding the schedule, workshops and accommodations, visit the FXCM Trading Expo website.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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