EURUSD Nears Bottom of Resistance Zone
240 Minute Bars
Prepared by Jamie Saettele, CMT
The EURUSD correction continues to mature as the rally from 12040 is 40 pips shy of sporting 2 equal legs. The ‘easy’ part of the advance is probably complete and one should expect more 2 way action in the coming week(s). Respect potential for a move back to 12240/90 near term. “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.”
LEVELS: 12220 12290 12341 12442 12480 12507
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