Euro / US Dollar
The EURUSD top is in as evidenced by the 5 wave decline from 1.5060. Yesterday, I wrote that “the first sign of a top would be a drop below 1.4980.” The EURUSD crashed through there and has continued lower (5 waves nearing completion now). A pullback should begin soon and bring price back towards 1.4930, which will present a high probability, high reward/risk short opportunity. Be sure to follow me at DailyFX Forex Stream for entry and exit levels.
Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Friday evenings), technical analysis of currency crosses on Monday, Wednesday, and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates. 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 email@example.com.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.