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EURUSD Slides Below 20 Day Average

EURUSD Slides Below 20 Day Average

Jamie Saettele, CMT, Sr. Technical Strategist

60 Minute Bars

eliottWaves_eur-usd_body_eurusd.png, EURUSD Slides Below 20 Day Average

Prepared by Jamie Saettele, CMT

As focused on in the weekly, the rally from the June low is the model of a correction, thus focus is lower towards 12434 and 12360 this week and a break below 12287 is expected in July. What is up in the air is whether or not the decline continues from below 12566 (Monday high). In other words, either a small 2nd wave is in place at Friday’s high or the EURUSD will slightly exceed that level before falling towards mentioned levels. The question is largely academic as both scenarios ultimately point lower.” The EURUSD ended Tuesday close to unchanged after dipping to 12441. 12530/45 is resistance. The market may be biding its time until July but the bias remains bearish and strength into resistance, especially on news, should be sold.

LEVELS: 12287 12360 12435 12530 12580 12635

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