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EURUSD Tight Range Develops for Now

EURUSD Tight Range Develops for Now

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_eur-usd_body_eurusd.png, EURUSD Tight Range Develops for Now

Prepared by Jamie Saettele, CMT

The EURUSD traded in a tight range today following Monday’s big decline. The action is viewed as corrective in light of the sharp decline from the Sunday night high and I’m looking lower on balance for the rest of the week towards 12400. Keep in mind that the Sunday night high at 12667 is just above the 5/18 low and January low. One would think that this level proves a tough one to crack but exceeding 12667 would shift focus to 12725 and even 12820. 12565/90 is short term resistance.

LEVELS: 12385 12410 12440 12525 12565 12590

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

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