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EURUSD Doji Suggests Demand Below 12100

EURUSD Doji Suggests Demand Below 12100

2012-07-23 22:36:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_eur-usd_body_eurusd.png, EURUSD Doji Suggests Demand Below 12100

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.” The EURUSD drop to a new low satisfies minimum expectations for wave v at several degrees of trend (a 5th within the decline from 12742 and from 13385). There is an objective at 11988, which is where the decline from 12324 would equal the decline from 12742. From a trading standpoint, trying to catch the final move is usually dangerous though. Bottom line, if a corrective rally towards 12400-12600 isn’t already underway, it will probably get underway following a dip below 12000.

LEVELS: 11875 11990 12067 12160 12230 12324

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