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EURUSD Short Term Triangle a Possibility

EURUSD Short Term Triangle a Possibility

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_eur-usd_body_eurusd.png, EURUSD Short Term Triangle a Possibility

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 stop is above 12440.”

LEVELS: 12100 12160 12215 12315 12365 12400

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