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EURUSD Recovers During US Trade but Closes below 20 day Average

EURUSD Recovers During US Trade but Closes below 20 day Average

Jamie Saettele, CMT, Sr. Technical Strategist

DailyBars

eliottWaves_eur-usd_body_eurusd.png, EURUSD Recovers During US Trade but Closes below 20 day Average

Prepared by Jamie Saettele, CMT

Friday’s advance may have completed the corrective rally from 12994. Weakness from 13226 is impulsive and the drift higher during the US session presents an opportunity to short against Friday’s high. Watch the channel below 12900 as a drop below 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.

Bottom Line (next 5 days): lower

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