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EUR/USD Rips then Plunges into Early January Levels

EUR/USD Rips then Plunges into Early January Levels

Jamie Saettele, CMT, Sr. Technical Strategist

WeeklyBars

eliottWaves_eur-usd_body_eurusd.png, EUR/USD Rips then Plunges into Early January Levels

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: Whooooosh! The EURUSD took out 13300 (from below) in early US trade but reversed sharply before ending the day below 13100. The range is large (largest in at least 60 days…constitutes a JS Thrust) and CME volume was the largest since 8/2/12. Range and volume of this size are typical towards the end of moves but the January low at 12996 needs to hold in order for the big picture to remain constructive. Weakness below opens up 12875 and 12802.

FOREX Trading Strategy: Stopped out at 13144 (entry was 13189). Flat for now…need to see if market holds or breaks 12996 (January low).

LEVELS: 12803 12875 1299613123 1319613245

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

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