Euro Bounce is Corrective
60 Minute Bars
Prepared by Jamie Saettele, CMT
The EURUSD has dropped below the October low (13143), which shifts focus to the January and 2011 low at 12858. A drop below there would encounter a potential channel and downward sloping trendline below 12800 and then 12500! Not to be overlooked is the break of the neckline from the year + head and shoulders top. 13145-13280 is the resistance zone on pullbacks but that zone is unlikely to see a test for at least a week. Expect near term resistance from 13065-13100 to hold this week.
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