EURUSD Measured Support at 1.2153

The implications from the model are that the USD weakens (on balance) for another several weeks before ‘take-off’.

The AUDUSD has tagged the line that extends off of the July highs. This line, in conjunction with the 3/6 and 3/19 lows at 10509 and 10557 is a good place for the beginning of a larger pullback (probably a b wave).

The EURUSD continues to consolidate the 5 wave advance from 12040. A drop below 12225 could compose wave c and the end of a 3 wave decline from 12389. A measured level for support is 12154 (c=a). As such, longs are favored into 12150s against 12040. An objective remains 12550 (38.2% retracement of larger wave 3 from 13385).

AUDUSD – Daily Bars

Prepared by Jamie Saettele, CMT

EURUSD – 60 Minute Bars