EUR/USD Searching for a Tradable Low
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“A zone of possible congestion is defined by the 2011 and 2013 lows from 1.2744 to 1.2873. Momentum is extreme, which raises the risk of a sharp ‘snapback’ before additional selling.”
-The near term momentum profile is consistent with a turn higher. Resistance is estimated at 1.3100.
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