EUR/USD Reaches Elliott Wave Objective (1.2395)
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“The EURUSD rally has entered resistance from former congestion that spans 1.2858-1.2994. Look for the decline to resume from this zone. The next major support is 1.2315.”
-“One more low may complete 5 waves down from the May high.” EURUSD traded into 1.2395, which is the objective from equality between waves 1 and 5 (from the May high). Exceeding 1.2577 is needed in order to suggest that the near term path is not lower but equality between waves 1 and 5 is a common relationship thus the risk of a turn higher.
--Tradingideas are availabletoJ.S. Trade Desk members.