Euro Breaks Trendline Support
Prepared by Jamie Saettele, CMT
Despite the drop below trendline support, expect a short term corrective pattern to take hold in the next few days in EURUSD. Support has held at 13100 (just before the 50 day average) and a 5 wave structure is visible from 13485. 13160 and 13190 are levels to expect resistance but a return to 13240 or even 13280 is certainly possible. Strategically, I’ll look to identify the end of the correction (via Twitter @JamieSaettele). The larger trend is down against 13360. A break under 12973 targets 12880.
Bottom Line (next 5 days): lower
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