EUR/USD: Given the break above the summer peak an alternate wave count, a still uncompleted upside correction, must be put in place. As such a new peak should be sought somewhere in the mid 1.36’s – 1.3711. Short term we however see the move capped by 1.3610 and as normally is the case after a benchmark candle like yesterdays the market the following day makes a new high and then the following days sliding back to the mid body point, 1.3439. EUR/JPY also seems to be a winner in this environment.
Read the full report: Technical Alert
SEB