300 Minute Bars

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Prepared by Jamie Saettele, CMT

"The EURUSD decline from 14535 is viewed as the first of either a 3 or 5 leg decline. The drop is impulsive (5 waves), indicating that additional weakness is likely." The EURUSD found resistance this morning at 14450 and expectations are for weakness to extend to at least the 100% extension at 14146 and possible the 161.8% extension at 13957. That entire range is potential support over the next few days. Do not dismiss the possibility of a more important top being in place at 14535.