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Euro 20 Day Cycle Tops

Euro 20 Day Cycle Tops

Jamie Saettele, CMT, Sr. Technical Strategist

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Morning Notes:

Markets are awaiting Bernanke’s testimony tomorrow. As a result, significant moves are unlikely until tomorrow. Little has changed regarding current trend and pattern.

EURUSD – Look lower towards 12900 and channel support. Watch the channel closely as a drop below would be a ‘tell’ that the decline from 13379 is a 3rd wave rather than a C wave. Resistance extends to 13250 and 13379 is the key level (below is bearish).

Euro_20_Day_Cycle_Tops_body_eurusd.png, Euro 20 Day Cycle Tops

Prepared by Jamie Saettele, CMT

Resistance from late March / early April lows is reinforced by the underside of former trendline support. Nothing has changed from a trend standpoint as the rally from 12994 is slow, overlapping, and shows no impulsive characteristics. Additional resistance comes in from a trendline just below 13300. I’m short against 13390.

Euro_20_Day_Cycle_Tops_body_eurusd_1.png, Euro 20 Day Cycle Tops

Prepared by Jamie Saettele, CMT

I rarely look at cycles but highs have tended to occur very early in the month going back to November. A 20 day cycle is plotted below. A new month starts Tuesday. You get the idea.

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Jamie is the author of Sentiment in the Forex Market.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.