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EURUSD Challenges 12600 in Volatile Trade

EURUSD Challenges 12600 in Volatile Trade

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_eur-usd_body_eurusd.png, EURUSD Challenges 12600 in Volatile Trade

Prepared by Jamie Saettele, CMT

“Keep in mind that the Sunday night high at 12667 is just above the 5/18 low and January low. One would think that this level proves a tough one to crack but exceeding 12667 would shift focus to 12725 and even 12820. 12565/90 is short term resistance.” The EURUSD made it to 12610 today before selling off in late day trade. In line with risk trends, I am looking lower from the current level in order to complete a correction off of 12667. In fact, the 6/4 low at 12385 is in line with where the decline from 12667 would consist of 2 equal waves. Bottom line; I favor lower prices from the top of this range towards the bottom of the range under 12400.

LEVELS: 12385 12435 12530 12615 12667 12725

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

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