Euro Testing Short Term Downward Sloping Trendline
Prepared by Jamie Saettele, CMT
I wrote last week that “early October action will offer an opening range to trade from (best way to play reversals and extensions in my opinion).” Near term focus remains on the mid January pivot at 13245 with weakness below extending towards a Fibonacci extension at 13115 and the January low at 12856. Price is currently testing a short term downward sloping trendline. A daily close below would favor an extended decline scenario. Short term resistance in the event of a bounce is 13415 and 13485.
Trend Strength (M,W,D) – (1), (2), (2)
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 and follow hom on Twitter @JamieSaettele.
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