Euro Closing in on Potentially Strong Resistance
I wrote Friday that “the structure of the EURUSD rally suggests at least a setback to 12480 as the rally from 12150 is in 5 waves. Still, strength upwards of 12675-12775 cannot be ruled out. 12675 intersects the corrective channel on Tuesday and 12775 (100% extension) on 7/13.” After slipping to 12480, the EURUSD has continued higher and is approaching the mentioned corrective channel. I am on the lookout for a top from 12675 to 12800ish.
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 firstname.lastname@example.org.
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