Euro Meets Resistance; Levels Well Defined
There is no change to my outlook for additional EURUSD weakness over the next several weeks and months. 13365, the high for May thus far, is the level that I am bearish against. The next objective is 12000, which is the 100% extension (where the decline from 13695 would equal the 15149-13267 decline in %).
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 email@example.com.
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