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EURUSD Bearish Opportunity Towards 12185 and Below

EURUSD Bearish Opportunity Towards 12185 and Below

Jamie Saettele, CMT, Sr. Technical Strategist

60 Minute Bars

eliottWaves_eur-usd_body_eurusd.png, EURUSD Bearish Opportunity Towards 12185 and Below

Prepared by Jamie Saettele, CMT

Continue to look lower in the EURUSD as long as price is below 12442. Even if a triangle or flat is unfolding as wave 4 from 12040, most of the trading from here would still take place at lower levels. Downside levels of interest if price continues lower now are 12184 (100% extension of decline from the top) and 12133 (August low), 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 12351 12385 12441

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