Euro / US Dollar 05-27
The short term EURUSD count has cleared up and the implications are bearish. Unless the decline from 12675 completes a truncated 5th wave (which I am having trouble seeing anyway), the larger trend remains down as the drop from 12675 is in 5 waves. Near term, one more leg up could complete a correction from 12150. Watch 12390-12415 and 12475 as resistance.
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.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.