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EURUSD Outside Day at Support Suggests Next Bull Leg Underway

EURUSD Outside Day at Support Suggests Next Bull Leg Underway

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_eur-usd_body_eurusd.png, EURUSD Outside Day at Support Suggests Next Bull Leg Underway

Prepared by Jamie Saettele, CMT

The EURUSD never made it to 12740/50 but the intraday reversal at support (9/12 low, 20 day average, above 9/7 large range day high) is enough for me to look higher. Interim resistance comes in at 12960/70 (38.2% and 9/258 high) and 13040/47 (61.8% and 9/21 high). Longer term objectives remain the 5/1 and perhaps even February highs at 13283 and 13485. Interestingly, these levels are also defined by the 138.2% and 161.8% retracements of the latest move down.

LEVELS: 12828 12865 12888 12960 13040 13115

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