EUR/USD Short Term Range Develops on Long Term Slope 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 1.0462 and reversed (key reversal) on large volume. The submarine nature of the decline combined with the significant volume reading and technical level indicate the potential for exhaustion and a reversal. Action since 3/12 may compose a triangle. The implication is that EURUSD thrusts to a new low and then reverses.
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