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EURUSD Confined to Tight Ranges

EURUSD Confined to Tight Ranges

Jamie Saettele, CMT, Sr. Technical Strategist

DailyCandles

eliottWaves_eur-usd_body_eurusd.png, EURUSD Confined to Tight Ranges

Prepared by Jamie Saettele, CMT

The EURUSD rally from the 3/15 low (13003) has stalled at the 20 day average / 2/9 high and just shy of the 61.8% retracement of the decline from 13486 (13301) and 3/8 high (13290). The inability of bulls to penetrate this level combined with the fact that the month to date high occurred on the first day of the month is bearish. Volatility is extremely low and there are much better things to trade right now but if you are bent on trading the EURUSD then look lower towards 13080-13120 as long as price is below 13255.

Bottom Line (next 5 days): sideways/lower

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

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