EURUSD Initial Resistance at 13160
Prepared by Jamie Saettele, CMT
The downside is favored but near term pattern is notespecially clear. Resistance is 13160 and 13210 and bears are favored against the March 1 high. Downside levels of interest are the 2/16 low at 12974, 100% extension of the 13485-13103 decline at 12900, and 1/13 high at 12878. A break of the downward sloping channel would indicate that the decline from 13485 is probably impulsive and shift focus to the January low.
Bottom Line (next 5 days): down
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