Euro Dip Seen as Bullish Opportunity
60 Minute Bars
Prepared by Jamie Saettele, CMT
The EURUSD has broken higher and is closing in on the objective mentioned in recent days at 14458 (100% extension). As mentioned yesterday – “those not yet long may consider a strategy of buying dips.” 14300/30 remains short term support. Price should remain within the short term bullish channel if the larger trend is up towards the May high above 14900. As such, stops below 14250 seem appropriate.
Trend Strength (M,W,D) – 1, 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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