EURUSD Technicals for July 13th
A EURUSD top may be in place at 12725. Price failed to reach the 100% extension at 12780 but the drop below 12550 suggests that the ending diagonal is complete. Given that the rally from 11875 is in 3 waves, the larger downtrend may be back underway. Even if the 3 wave rally is part of a flat, most (if not all) of the move from 11875 would be retraced. Favor the downside from here. Initial support is 12400.
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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