Euro May See Bounce from Trendline
Prepared by Jamie Saettele, CMT
The extent of the decline from 13485 is enough to suggest that the 3 wave rally from the January low is complete and that the longer term bear trend has resumed. Daily RSI rolled over just ahead of 70 (just like it did at the October top), which is typical in a bear market. Channel support has been met and rallies should be sold up to 13265. An eventual break exposes the February low at 12974. The short bias is strong below 13355. Levels of interest on the downside are 13115, 12975 and 12880.
Bottom Line: lower
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.