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EURUSD Technicals for July 21st

EURUSD Technicals for July 21st

2010-07-21 14:32:00
Jamie Saettele, CMT, Sr. Technical Strategist
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 DT-10-07-21-EURO

After rallying over 1000 pips from its June low, it may be time for at least a sizeable setback if not a continuation of the larger downtrend. I am watching several intraday channel lines as well as 12725 for support. Staying below 12920 keeps the EURUSD on a path lower, and perhaps in an impulsive manner.

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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