EUR/USD Rally Resisted at 1.2500 (October Low)
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.”
-Recent developments suggest that the downtrend is at least weakening if not reversing. The slope that had influenced prices for the entirety of the downtrend (at highs and lows) failed to do so last night. Establishing over 1.2500 would set the stage for a run higher.
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