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Euro Break of 13025 Exposes Sub 12900

Euro Break of 13025 Exposes Sub 12900

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Break of 13025 Exposes Sub 12900

Prepared by Jamie Saettele, CMT

The EURUSD has traded below 13025 and to a new low for the month. I had been looking for the rally to extend towards 13400 and perhaps 13600 in a C wave but the drop under 13025 at least delays and might negate that altogether. In any case, the drop below 13025 shifts focus to the confluence of former resistance at 12880 (this level is surrounded by Fibonacci measurements as well). 13080 and 13150 are now resistance.

Bottom Line: Flat

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