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EURUSD Reverses Sharply from 2 Month Low

EURUSD Reverses Sharply from 2 Month Low

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_eur-usd_body_eurusd.png, EURUSD Reverses Sharply from 2 Month Low

Prepared by Jamie Saettele, CMT

After trading to a 2 month low overnight, the EURUSD curiously surged into the mid-13100s in the 2nd half of the US session. The sharp reversal leaves the first bullish daily key reversal since 10/4/11. Although disconcerting for short term bears, a test of 12880-12900 remains favored as long as price is below the April high of 13379. 12880-12900 intersects channel support late this week. Watch the level closely as a drop below the channel would be a ‘tell’ that the decline from 13379 is a 3rd wave rather than a C wave. On the other hand, a rebound from that level (or spike below and recovery) would favor the C wave interpretation. 13210/50 remains resistance.

Bottom Line (next 5 days): sideways/lower?

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