EUR/USD Reversal Rejected at Month Open
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“5 waves down from the May high, EURUSD could make it back to 1.2886 (former 4th wave) but the downside is favored as long as below 1.2600.”
-A good deal of support rests under 1.2300 but the swing remains lower until price can establish above 1.2600. The downtrend weakens above 1.2506 (would be a weekly reversal at that point).
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