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EURUSD Rally Reverses at Early Month Range

EURUSD Rally Reverses at Early Month Range

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_eur-usd_body_eurusd.png, EURUSD Rally Reverses at Early Month Range

Prepared by Jamie Saettele, CMT

The EURUSD rally failed between former supports at 13250 and 13275. The level is reinforced by the underside of former trendline support as well. Nothing has changed from a trend standpoint as the rally from 12994 is slow, overlapping, and shows no impulsive characteristics. 13170 and 13104 are supports for Friday.

Bottom Line (next 5 days): topped and lower?

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