Euro Reaches Resistance From 14339
Prepared by Jamie Saettele, CMT
The EURUSD is declining sharply as I type but the low from Monday has held. As long as price is above 14050, potential remains for strength towards 14500-14600 in a larger correction. It is also possible that a more important B wave low is in place (as per the count above) but confirmation is lacking from short term price action. Trading below 14047 would negate any upside potential and shift focus to 13860-13900.
Support/Resistance Index (M,W,D) – (3), 0, 1
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 firstname.lastname@example.org.
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