Prepared by Jamie Saettele, CMT
The EURUSD has failed to drop along with equities, the AUDUSD, NZDUSD, etc. which is disconcerting for bears. What's more, the decline from the May high is still left as a 3 wave decline. From a trading standpoint, it is best to play the break of the opening range for the month, which is 14452-14055. Indicative of the sideways market in recent months is the proximity of the 50 and 100 day averages the EURUSD wedged between those averages and the 200 day average.