Euro Posts Hourly Reversal Top

The EUR USD posted a closing price reversal top at 1.3300 on the hourly chart which was confirmed on the trade through 1.3267.

The EUR USD posted a closing price reversal top at 1.3300 on the hourly chart which was confirmed on the trade through 1.3267.

The bigger picture indicates that the market may correct back to at least 1.3092.  In the short-run, the first objective of this retracement is 1.3206.

Selling weakness carries a little more risk so those more risk averse may want to wait for a confirmation of the reversal top.  These traders should watch for a retracement back to least .13277.

James A. Hyerczyk has been actively involved in the futures markets since 1982. He has worked in various capacities within the futures industry from technical analyst to commodity trading advisor. Using W. D. Gann Theory as his core methodology, Mr. Hyerczyk incorporates combinations of pattern, price and time to develop his daily, weekly and monthly analysis. His firm, J.A.H. Research and Trading publishes The Forex Pattern Price Time Report... More

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