EUR/USD Basing for ‘Surprise’ Rally?
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-The sharp EURUSD reversal supports the long discussed ending diagonal (wedge) interpretation. Diagonals are often fully retraced (sometimes quickly), which yields a target of 1.3294.
-I mentioned previously to “beware a flush into 1.3560/90.” EURUSD continues to hold the top of this zone. Even so, one possibility to keep in mind is a tight range before a thrust lower and reversal on Thursday. Exceeding 1.3668 would suggest that a low of sorts is already in place.
LEVELS: 1.3482 1.35601.3590 | 1.3635 1.3672 1.3704
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