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Euro Contends with Channel Resistance

Euro Contends with Channel Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Contends with Channel Resistance

Prepared by Jamie Saettele, CMT

I wrote last night that “the EURUSD is at a crossroads as the market is saturated with shorts (could spark additional upside) but risk remains lower from here as per the early month high in place at 13076 (early month high is statistically significant). I favor selling strength into the mid 12900s.” Currently at 12970, price is testing channel resistance and the 61.8% retracement of the decline from 13197 at 12978. I maintain that risk is lower as long as price is under 13080. Exceeding 13080 however would shift focus to 13200. 12925 and 12880 are potential near term supports.

Bottom Line – short, stop 13080

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.