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EURUSD Drops into Top of Support Zone

EURUSD Drops into Top of Support Zone

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_eur-usd_body_eurusd.png, EURUSD Drops into Top of Support Zone

Prepared by Jamie Saettele, CMT

The anticipated reversal has materialized in the EURUSD and we can now focus on how far the rally is likely to extend. Elliott wave guidelines state that wave 4 often alternates with wave 2 of the same degree with respect to character. In other words, if wave 2 is sharp and simple then expect wave 4 to be shallow and complex. Wave 2 (13003-13384) was sharp (retracing 78.6% of wave 1) and simple (3 wave zigzag) thus we should expect wave 4 to be shallow and complex. Shallow means a 38.2% retracement of wave 3, which comes in at 12554.” 12175-12215 is an early week support zone.

LEVELS: 12145 12175 12215 12324 12389 12500

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