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EURUSD Strength Viewed as Corrective

EURUSD Strength Viewed as Corrective

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_eur-usd_body_eurusd.png, EURUSD Strength Viewed as Corrective

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

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