Watch the Euro Channel for Direction
The EURUSD has failed to reach the 100% extension at 12780 but price remains within its corrective channel. Wave c was equal to wave a in time yesterday (10 days). Trading above the channel would turn me bullish against 12520 for strength towards 13100-13270 (Fibonacci extension is at 13185). Short term support is 12600/50.
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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