EUR/USD Reverses from March 2003 Low and 2008-2010 Line
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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-“There is a long term level to be aware of. The line that extends off of the 2008 and 2010 lows is at about 1.0545 this week. The March 2003 low is at 1.0499.” EURUSD printed a low at 1.0494 and reversed (key reversal) on large volume. The submarine nature of the decline combined with the significant volume reading and technical level indicate (at least) near term exhaustion.
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