EUR/USD Reverses after Poking above 50% Retracement



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eliottWaves_eur-usd_body_eurusd.png, EUR/USD Reverses after Poking above 50% Retracement

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The EURUSD traded into the 50% retracement of the decline from 1.3710, reversed, and closed near the lows. Near term, it doesn’t appear that the rally from 1.2954 is complete structurally. That’s annoying because this is a real good place for a top (50% retracement, 61.8% extension of the 1.2744-1.3201 rally, first day of the month). The best short term count treats the drop from today’s high as a 4th wave (or part of a 4th wave). The implications would be for one final high (ECB?) before a larger reversal.

FOREX Trading Strategy: Flat

LEVELS: 1.3070 1.3116 1.3160 1.3256 1.33181.3341

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