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EURUSD at Risk of Deeper Decline

EURUSD at Risk of Deeper Decline

Jamie Saettele, CMT, Sr. Technical Strategist

DailyBars

eliottWaves_eur-usd_body_eurusd.png, EURUSD at Risk of Deeper Decline

Prepared by Jamie Saettele, CMT

Final comments last week were that “EURUSD support extends to 13115 and the near term trend is constructive as long as price is above 12991 but a print above 13139 probably signals the beginning of the end of the rally from 12825.” I’m not so sure that we are going to get that print above 13139 now. Price has not dropped below 12991 but Friday’s decline triggered a bearish breakout from Thursday’s inside day. Also, weakness at small degrees of trend is unfolding in an impulsive manner. Conflicting evidence leaves me neutral. Weakness from here could compose wave C of a flat, triangle, or even part of a larger more complex correction.

LEVELS: 12931 12990 13010 13082 13115 13138

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

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