Euro Resistance at 14250
Prepared by Jamie Saettele, CMT
The EURUSD has bounced from 14050 and focus is on resistance at 14250 (former support). Exceeding 14339 (Friday’s high) would give scope to a larger advance towards 14500. It’s too early to tell if a B wave low is in place at today’s low but that is what I am on the lookout for. Near term structure should clarify this week. To repeat from last week – “there would be 2 equal legs down from above 14900 at 13736…a drop to this level could constitute wave B within an A-B-C advance from 12874.”
Support/Resistance Index (M,W,D) – (3), (1), 0
Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday), technical analysis of currency crosseson Wednesday and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forex Stream. A graduate of Bucknell University, he holds the Chartered Market Technician (CMT) designation from the Market Technician Association. He is the author of Sentiment in the Forex Market. Send requests to receive his reports via email to email@example.com.
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