Euro / US Dollar 07-08
I remain of the mind that a top is forming and that the corrective channel will provide resistance. Again, the 100% extension of the initial leg up is at 12765 and intersects with channel resistance on the 13th (next Tuesday). It looks as though the rally from 12480 has taken the form of an ending diagonal. I expect to establish a short position early next week.
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.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.