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EURUSD Reverses Sharply from Top of Range

EURUSD Reverses Sharply from Top of Range

Jamie Saettele, CMT, Sr. Technical Strategist

240 MinuteBars

eliottWaves_eur-usd_body_eurusd.png, EURUSD Reverses Sharply from Top of Range

Prepared by Jamie Saettele, CMT

Recent commentary was “one can make a case that the decline from 13485 and advance from 13003 composes waves 1 and 2 of the next bear leg. That may be the case but from a trading standpoint I would wait until next week before doing anything. Aside from being important with respect to price extremes (highs/lows), a new month sometimes triggers a change in market conditions as well.” It seems that April has ushered in a 3rd wave decline. Near term supports are 13190 and 13130 but a drop below 13000 is favored in the coming weeks. 13255 is resistance.

Bottom Line (next 5 days): lower

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