The EURUSD drop below 12863 may have completed an expanded flat from 13010. As such, price may continue higher towards the long cited target zone of 13115-13185. Dropping beneath the channel support line would suggest that a top is in place.
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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