EUR/USD Action is Sloppy at Current Juncture

DailyFX

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eliottWaves_eur-usd_body_eurusd.png, EUR/USD Action is Sloppy at Current Juncture

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: Bigger picture, a EURUSD head and shoulders top would be confirmed on a drop below 1.2743. Was previously looking for a drop below 1.2796 (to complete 5 waves down) before a recovery like the one we had today. The early low throws a wrinkle in things. Elliott channel resistance is holding at the moment but the sharp advance from today’s low doesn’t exactly inspire confidence in the downside. It is worth noting that 1.2934 continues to prove an important level (today’s close was 1.2932).

FOREX Trading Strategy: Flat

LEVELS: 1.2820 1.2855 1.2895 1.2997 1.30281.3071

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