Euro Runs into Early September Congestion Zone
Prepared by Jamie Saettele, CMT
The EURUSD rally failed at the bottom of early September congestion near 13975 today and has already taken out the Monday low of 13822. The break of the Monday low confirms an intraweek bearish reversal but tops in ‘risk’ tend to suffer several false starts before the ‘real decline’ begins. While the larger structure eludes me, I like the idea of fading any spikes on positive reactions to ESFS, etc. 14050, 14130, and 14200 are all levels to keep in mind.
Trend Strength (M,W,D) – (1), 0, 1
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