Chart Prepared by Jamie Saettele, CMT
FOREXAnalysis: Continue to look lower, despite the reversal ahead of 12875. In fact, action from Tuesday’s top may compose waves A and B or 1 and 2 of the next bear leg. “The EURUSD has entered the bottom of a resistance zone that extends to about 13070. Near term pattern suggests slightly higher prices in stair step fashion (4th and 5th waves) before exhaustion. The topping process that began in May 2011 and February 2012 is similar to the current process that began in September. The outside day and 3rd consecutive failure to close above the 61.8% retracement of the decline from the top is enough evidence to turn bearish now rather than wait for 13020/70.”
FOREX Trading Strategy: I am bearish now against 13008.
LEVELS: 12792 12833 12880 12968 13008 13020
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