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EURUSD Swings Wildly Intraday

EURUSD Swings Wildly Intraday

Jamie Saettele, CMT, Sr. Technical Strategist

DailyBars

eliottWaves_eur-usd_body_eurusd.png, EURUSD Swings Wildly Intraday

Prepared by Jamie Saettele, CMT

Yesterday’s sharp reversal formed 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 and 13090 is short term support.

Bottom Line (next 5 days): lower

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