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EURUSD is Bearish Below Friday High

EURUSD is Bearish Below Friday High

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_eur-usd_body_eurusd.png, EURUSD is Bearish Below Friday High

Prepared by Jamie Saettele, CMT

The surge through 12523 eliminated the aggressive 3rd wave interpretation from that level. Still, Friday’s advance (which may have completed wave C of a flat) reversed before the June high and nearly half the advance was retraced today. I’m looking lower towards Thursday’s low at 12406 although interim support comes in at 12523. Bigger picture, the June rally is viewed in a corrective light.

LEVELS: 12365 12406 12523 12620 12692 12746

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

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