Euro Lift Off – Channel at 14185
Prepared by Jamie Saettele, CMT
I wrote yesterday that “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.” The EURUSD is now at 14180 and testing channel resistance. A break above would confirm the corrective 3 wave setback and suggest a break into the 15000s in the coming months. Near term strength is overdone however and setbacks into 14100 and 14040 are to be expected.
Trend Strength (M,W,D) – (1), 0, 1
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