Euro Threatens Early January High
240 Minute Bars
Prepared by Jamie Saettele, CMT
After gapping lower to begin the week, the EURUSD rocketed higher in Europe to trade to its highest level since 1/4. Near term focus is on the early month high at 13076, which is reinforced as resistance from December congestion with a break above targeting 13200. Despite the break above channel resistance, a potentially completed 5 wave rally from the 1/13 low keeps me from turning bullish here. The implications are for a correction back towards at least 12875. 12950/85 is interim support.
Bottom Line – flat
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