240 Minute Bars
Prepared by Jamie Saettele, CMT
The EURUSD rally from 12161 is corrective, specifically a 4th wave advance. 4th waves are often choppy, sideways affairs that take the form of a triangle or flat. The action since the low certainly fits the description. It’s possible that a high is already in place at 12316 but any additional strength should be capped by 12333/63 (if indeed the interpretation is correct). The initial stop is above 12440. Reward/risk considerations would warrant action on a move above 12316.
LEVELS: 12100 12160 12245 12365 12400 12440
