Euro Channel and Extension Intersect on Monday
300 Minutes Bars
Prepared by Jamie Saettele, CMT
The EURUSD is expected to break its range soon but if the initial break is lower, it may complete a correction. The 100% extension of the decline from 14535-14055 at 13950 intersects channel support Monday. To review - “The decline from the May high is still left as a 3 wave decline…a drop under 14054 may complete a correction from 14535. Watch the short term channel for support.” The 200 day average at 13942 reinforces the area.
Trend Strength (M,W,D) – 0, 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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