Euro Support Line Below 14200 – Larger Consolidation Not Yet Complete
Prepared by Jamie Saettele, CMT
I wrote yesterday that “I favor the upside and a run at 15000 over the next several weeks but a drop back to or below 14325 is possible over the next few days…” I still favor a EURUSD run at 15000 but it seems more likely (given patterns in equities and Aussie…see recent video) that additional consolidation is underway. Watch the short term trendline (extended off of July and August lows) for support. A test of 14090 or even 13974 cannot be completely ruled out.
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Trend Strength (M,W,D) – 0, 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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