Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
–EURUSD never made it to the well-defined 1.3750 area (50% retracement of the decline from the top as well as the close of the week that ended 5/9 (week of the top)) but higher levels can’t be dismissed just yet. The decline from the 7/1 high consists of 2 equal waves (so far).
-Longer term implications from May’s outside month remain bearish and consistent with a long term trend change.
LEVELS: 1.3512 1.35521.3586 | 1.3620 1.3640 1.3678
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