Euro Nears Range Low – February Low at 13430 is of Interest
Prepared by Jamie Saettele, CMT
A EURUSD drop to a new low could complete the break from the triangle and decline from 14548. The February low at 13430 is of particular interest as is the temporary Elliott channel (see above). A weekly key reversal did form last week and the last 6 such reversals have indicated MAJOR tops and bottoms but several of those reversals occurred as much as 2 weeks after the key reversal week.
Trend Strength (M,W,D) – 0, (3), (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 email@example.com.
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