Euro Positive Reversal Occurs at Support Line
After trading beneath the 2008 low, the EURUSD has staged a reversal. Support is reinforced by several downward sloping support lines. I wrote Friday that “I am on the lookout for some sort of exhaustion move.” The latest drop may very well have been that exhaustion move. Expectations over the next several weeks are for a move back to 13000. Wait for a clear long setup on short term charts.
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 firstname.lastname@example.org.
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