Euro Stalls at Channel Resistance but Upside Favored
Daily and 60 Minute Bars
Prepared by Jamie Saettele, CMT
The EURUSD closed right at its channel resistance yesterday (A-C line extended from B). I cannot stress enough at this point however that the decline from the May high is left as 3 waves therefore we should respect upside potential in the coming weeks and perhaps longer. Extreme rates of change (yesterday) are consistent with 3rd waves so treat weakness over the last day as a 4th wave. Support is expected at 14075-14110. Upside levels of interest are 14326 and 14422.
Trend Strength (M,W,D) – (1), 0, 1
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