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EURUSD Nears Bottom of Resistance Zone

EURUSD Nears Bottom of Resistance Zone

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_eur-usd_body_eurusd.png, EURUSD Nears Bottom of Resistance Zone

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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