EURUSD Trade Idea on Spanish Auction
Prepared by Jamie Saettele, CMT
A test of 12880-12900 is 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 a C wave interpretation. A test of 13210/50 may take place before the next bear wave but I believe that being short is the correct position. The ideal short entry would be on a positive reaction to the Spanish auction into 13210/50.
Bottom Line (next 5 days): lower
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