EUR/USD Runs into a Wall from 2013 Lows
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“The move is beyond extreme and this week (new month and quarter) is a good time for a relief rally to begin. 1.2750 is initial resistance followed by former congestion from 1.2858 to 1.2994.”
-The EURUSD rally failed in the vicinity of former lows (from 2013) and near the 20 day average (first time touching the average since 7/15). The ‘correction’ is shallow but RSI has moderated enough to look lower again. The next major support isn’t until 1.2315.
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