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EURUSD Trade Idea on Spanish Auction

EURUSD Trade Idea on Spanish Auction

Jamie Saettele, CMT, Sr. Technical Strategist

DailyBars

eliottWaves_eur-usd_body_eurusd.png, 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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