The EURUSD 13030/65 region has been reached and near term pattern suggests that it’s time to start looking lower. I wrote yesterday that “given event risk tomorrow (Fed), I’d not be surprised to see an emotional market that spikes through that level and into 13065. Ultimately, the rally from Friday’s low is expected to prove corrective before lower prices are registered later in the month.” Interestingly, the advance from Friday’s low is best interpreted as impulsive. Regardless, the 4th wave of one less degree at 12995 should be revisited. Strategically, I’m a buyer at 12950 and a seller at 13065. I rarely publish intraday charts anymore, but the current pattern is so clean that a look at the near term is warranted.
--- 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.