Perspective is of utmost importance when dealing with speculative activities and this EURUSD daily chart offers just that. Yesterday’s break may have been a terminal thrust from a triangle but the break also distanced price from the 100% extension level (13650), which increases . With price pressing the bottom of its channel, focus remains on the 161.8% extension at 13073 (which is why the target is 13100). Staying below 13658 keeps the trend pointed lower. 13423 may provide support.
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 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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