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Euro Daily Range Smallest Since December 27

Euro Daily Range Smallest Since December 27

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Daily Range Smallest Since December 27

Prepared by Jamie Saettele, CMT

There is no change for the call for an extension of the EURUSD rally that began at the January low. Fibonacci objectives are near 13600 and intersect with channels in early March. Near term structure isn’t particularly clear so a test of the Monday low at 13170 or lower (13115 is the next support) cannot be dismissed. Still, reward/risk is greater than 1:1 at the current level (13250). Longs from here aren’t the worst play.

Bottom Line: Higher but allow for a dip

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