Euro Bounce Uninspiring Thus Far-Focus Still on January Low
300 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. 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. 13065-13100 resistance has held so far and I favor a test of the 2011 low before an intense rally to finish the year (in order to relieve extreme sentiment).
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.