EURUSD Tags Short Term Corrective Channel

Jamie Saettele, CMT
July 16, 2012

60 Minute Bars

eliottWaves_eur-usd_body_eurusd.png, EURUSD Tags Short Term Corrective Channel
eliottWaves_eur-usd_body_eurusd.png, EURUSD Tags Short Term Corrective Channel

Prepared by Jamie Saettele, CMT

The EURUSD rally off of the low has so far taken the form of a textbook 3 wave correction. The rally consists of 2 equal legs and channels perfectly. The combination of RSI stalling ahead of 70 on the hourly and below 60 on the 240 minute chart are characteristic of bear markets too. Lest we forget that the June low was 12287 as well. I am looking lower against 12300. Exceeding that level would face resistance at 12365-12400.


LEVELS: 12160 12210 12245 12300 12365 12400