EURUSD Bears Should Look for Shorts Near 12700
Prepared by Jamie Saettele, CMT
Former base channel supports are now resistance. Last week’s comment remains relevant; “increasingly deteriorating sentiment probably needs to be relieved in the form of a correction, if even just sideways. In that event, 12724 is resistance.” Price has traded sideways for 3 days in what may form the base for a pop into 12700. Strength into there would present an opportunity to align with the larger bear trend.
LEVELS: 12150 12495 12640 12690 12725 12825