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SEB: EUR/USD correction failed to play out - eFXnews

FXStreet (Łódź) - The eFXnews team comment that SEB observes how EUR/USD lost chances for a corrective reaction dropping below 1.2614.

Key quotes

"This was the biggest single day loss since Sept 04."

"As often is the case with benchmark candles the market normally makes an initial move in the benchmark candle’s direction only to thereafter begin a reaction back to the mid body area."

"If following that rather normal pattern a recheck at least a bounce to 1.2592 seen within shortly."

"A continued decline without any reaction will next target 1.2398, the 261.8% projection point for wave 3."

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