EURUSD Drops Sharply but 20 Day Average Supports
Prepared by Jamie Saettele, CMT
“Given reward/risk, I lean bearish at this level towards 12630 and short term channel support but trading above 12746 would delay and trigger a move to 12825 (and channel resistance just above 12825).” We can probably take 12825 out of the equation. I say ‘probably’ because the decline from yesterday’s high isn’t yet in 5 waves. If an impulse unfolds, we can be confident that a more important top is in place. Near term, there is likely decent support at the current level (20 day average, midpoint of range) thus respect bounce potential (again…probably wave iv within the 5 wave decline from the 6/20 high). Resistance is 12575-12615. Respect the levels.
LEVELS: 12430 12490 12517 12575 12615 12700
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