Euro Holds Channel – Explodes off of Low
Prepared by Jamie Saettele, CMT
A test of the January low remains possible but today’s rally may be the beginning of the rally that serves to correct the decline from the May high (which is best counted as a leading diagonal). Focus on near term levels for risk control (as always). Near term resistance comes in at 13210 (11/25 low), 13260 (20 day average), and the 5th wave channel at 13360 today (decreases about 15 pips per day). 13040/60 is support.
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