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Jamie Saettele, CMT, Sr. Technical Strategist

EUR/USD Holds 1.2934 but Near Term Pattern Unclear before ECB


eliottWaves_eur-usd_body_eurusd.png, EUR/USD

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The EURUSD found low just below reversal support at 1.2934 (from April low). There are numerous possibilities from a near term pattern perspective, including a diagonal from 1.3102, flat from 1.2984, or something else that I just don’t ‘see’ yet. With event risk the next 2 days, it’s best to let near term things play out before taking a stand but the reaction at 1.2934 is viewed as important.

FOREX Trading Strategy: Flat

LEVELS: 1.2837 1.2922 1.2972 1.3077 1.31421.3218

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