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EURUSD Rebounds Sharply after 13000 Dip

EURUSD Rebounds Sharply after 13000 Dip

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_eur-usd_body_eurusd.png, EURUSD Rebounds Sharply after 13000 Dip

Prepared by Jamie Saettele, CMT

The EURUSD correction may be complete with Wednesday’s spike below 13000 at the US open. The other possibility is that the bounce from below 13000 composes wave B of an A-B-C correction from the top. In both cases, the larger trend is up. The difference in the latter scenario is that a drop below 12992 would take place before the next bull leg (with 13283 and 13385 in mind towards the end of the month). 12935/65 would be support. Resistance remains 13083-13120. In summary, I am bullish against 12854 with the understanding that bulls may get a better deal later this week.

LEVELS: 12935 12965 12992 13083 13120 13172

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