Euro Short Term Channel Support at 13000
Prepared by Jamie Saettele, CMT
The EURUSD has dropped below the October low (13143), which shifts focus to the short term channel support at about 13000 today and the January (and 2011) low at 12858. Last week completed 2 consecutive inside weeks, highlighting the tight consolidation that had taken hold. This is only the 5th instance since 2000 of consecutive inside weeks. The previous 4 instances resulted in false breakouts. Watch 13000 for support. 13160 is resistance.
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