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EURUSD Technicals for July 16th

EURUSD Technicals for July 16th

2010-07-16 15:33:00
Jamie Saettele, CMT, Sr. Technical Strategist
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 DT-10-07-16-EURO

Near term, I expect the EURUSD to work lower to 12870/90 before continuing higher towards 13115/85. Dropping beneath the short term channel support would shift focus to the trendline that connects 12150 and 12520. It is worth noting that daily RSI entered overbought (above 70) territory yesterday.

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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