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Euro Bullish Setup Still Intact

Euro Bullish Setup Still Intact

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Bullish Setup Still Intact

Prepared by Jamie Saettele, CMT

Despite the weakness over the last 3 days, the EURUSD bullish setup is still intact. Remember, the critical level for the larger trend is the 2/6 low at 13026. Pattern is constructive above that level with the rally from 13026 and decline from 13321 composing waves 1 and 2 of wave C. Objectives remain levels derived from Fibonacci at 13435 and 13630. A drop below 13026 would negate the outlook and shift focus to 12880 (former resistance).

Bottom Line: Long, stop 13025, target 13400, 13600

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.