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EURUSD Bears Should Look for Shorts Near 12700

EURUSD Bears Should Look for Shorts Near 12700

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_eur-usd_body_eurusd.png, EURUSD Bears Should Look for Shorts Near 12700

Prepared by Jamie Saettele, CMT

Former base channel supports are now resistance. Last week’s comment remains relevant; “increasingly deteriorating sentiment probably needs to be relieved in the form of a correction, if even just sideways. In that event, 12724 is resistance.” Price has traded sideways for 3 days in what may form the base for a pop into 12700. Strength into there would present an opportunity to align with the larger bear trend.

LEVELS: 12150 12495 12640 12690 12725 12825

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.