Sell the Euro on Near Term Rallies
The 4th wave correction in the EURUSD is likely complete. The top is close to parallel channel resistance as well as the 38.2% retracement of the decline from 14583 (common end points for 4th waves). The decline from 13822 has extended below 13530 and is sharp. A small 2nd wave may be complete at last night’s high at 13573. A move above would expose 13650.
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 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 email@example.com.
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