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Euro Outside Day Could Signal Top

Euro Outside Day Could Signal Top

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Outside Day Could Signal Top

Prepared by Jamie Saettele, CMT

Wednesday’s outside day may signal that a EURUSD top is in place. Previously looking for an extension of strength towards Fibonacci measurements and channels near 13600, the drop below Monday’s low negates a short term bullish bias. Resistance is 13360, 13390 and 13420. Support below Wednesday’s low is the 20 day average at 13250 and 13200 (former pivots).

Bottom Line: sideways / lower?

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