EURUSD Bullish Triangle Break
240 Minute Bars
Prepared by Jamie Saettele, CMT
“A rally above 12442 would suggest that something more bullish is underway but we’ll deal with that if we need to.” The EURUSD exceeded 12442 thus I must deal with it! The likely scenario was laid out in this morning’s notes. “The thrust higher, although unexpected, probably composes wave C within an A-B-C advance from the July low (12041). The move likely extends a bit higher. 2 objectives are derived from traditional techniques (adding width of triangle to final pivot within triangle and breakout level); 12566 and 12753. Interestingly, these levels coincide with former pivots from early July (12558) and the former 4th wave of one less degree (12747).” In other words, look higher over the next several days into a top.
LEVELS: 12390 12420 12450 12507 12560 12600
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