The EURUSD has reached and dropped below the 100% extension of 15144-14216 (13650) but the larger trend remains extremely bearish against 14030, as a 3rd of a 3rd wave is considered underway from there. An objective is 13081 (161.8% extension). The rally from 13584 is in 3 waves and therefore corrective. There is no reason to abandon the bearish bias at this point. The EURUSD remains vulnerable.
Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Friday evenings), technical analysis of currency crosses on Monday, Wednesday, and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forum. He is the author of [I]Sentiment in the Forex Market[/I]. Follow his intraday market commentary and trades at DailyFX Forex Stream. Send requests to receive his reports via email to [email protected].