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EURUSD Inside Day as Bulls Struggle to Extend Advance

EURUSD Inside Day as Bulls Struggle to Extend Advance

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_eur-usd_body_eurusd.png, EURUSD Inside Day as Bulls Struggle to Extend Advance

Prepared by Jamie Saettele, CMT

The EURUSD is struggling to clear 12440. RSI is having issues clearing 70 on the 240 minute chart, which is often a warning sign. Viewed in the context of a 3 wave advance from 12041, price is vulnerable at the current level. As mentioned yesterday, “the ‘easy’ part of the advance is probably complete and one should expect more 2 way action. Respect potential for a move back to 12240/90.” IF the EURUSD continues higher from the current level, keep an eye on channel resistance, 12480 (2 equal legs from the low), and 12555 (38.2% retracement of the wave 3 decline from 13385).

LEVELS: 12220 12290 12341 12442 12480 12507

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.