Euro Finds Support at Former Resistance: 14200 a Level to Watch
60 Minute Bars
Prepared by Jamie Saettele, CMT
After plummeting from above 14500, the EURUSD has bounced from former resistance near 14250. The sharp decline may extend to 14200 as long as price is below 14400. 14200 is defined by the 100% extension of the decline from 14535 (14194) and the 50% retracement of the rally from 13837 (14385). A drop to there could complete a corrective decline.
Trend Strength (M,W,D) – 1, 0, 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 firstname.lastname@example.org.
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