The US dollar has rebounded slightly following its early week decline. Coming under 1.4910 in the EURUSD and rallying above 1.0125 in the USDCHF would be USD bullish developments.

The EURUSD has soared and finds itself at the top of its multi week range. Bears are in a precarious position but price does remain below the October high and the bearish count remains valid. RSI divergence on the 60 minute chart warns of at least a setback. A drop under 1.4910 turning the tide towards bears once again. Above 1.5065 negates the bearish stance and exposes 1.5280.
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. He is the author of Sentiment in the Forex Market. Follow his intraday market commentary and trades at DailyFX Forex Stream. Send requests to receive his reports via email to jsaettele@dailyfx.com.
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