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Forex Trading: EURUSD Shorts in Play on 12/14

Jamie Saettele, CMT

Comments from recent EURUSD technical updates remain valid - "I’d be surprised to see a sustained break through the December high (13126)...this is a high risk level and we should look lower." Zooming in on price action since 12/12, a triangle and terminal thrust into last night's high is visible. The thrust either completed the 5th wave from 12876 or a truncated C wave from the same level. In both instances, the immediate (1-2 days) outlook is towards at least 13040 and 12995.

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

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Jamie is the author of Sentiment in the Forex Market.

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