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EURUSD Choppiness to Result in Test of Low Before Reversal

EURUSD Choppiness to Result in Test of Low Before Reversal

2012-07-19 19:01:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_eur-usd_body_eurusd.png, EURUSD Choppiness to Result in Test of Low Before Reversal

Prepared by Jamie Saettele, CMT

Despite the poke above 12316, there is nothing about the EURUSD action to suggest that this is an important turn. The stop level remains 12440 as a move above there would trigger overlap with wave i and negate bearish implications from wave v. Previous comments were “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 12333 12365 12400

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