EURUSD Short Term Correction Possibly Complete at Monday High
Prepared by Jamie Saettele, CMT
Continue to look lower in the EURUSD as long as price is below 12442 (although Monday’s high at 12373 may have completed 3 waves up from 12241). Even if a triangle or flat is unfolding as wave 4, most of the trading from here would still take place at lower levels. 12140 could produce a reaction if reached although a drop below 12041 is expected eventually in wave 5. Daily RSI failing at the previous swing high is encouraging for bears.
LEVELS: 12185 12240 12300 12373 12402 12441
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.