EUR USD Hourly Chart Holding Support at 1.3223

The break in the EUR USD could be setting up a buying opportunity.  Themain trend is up on the hourly and daily chart which means traders willbe looking to buy breaks.

The break in the EUR USD could be setting up a buying opportunity.  The main trend is up on the hourly and daily chart which means traders will be looking to buy breaks.

This pair broke following the FOMC meeting but held the swing bottom on the hourly chart at 1.3223.  Currently the short-term range is 1.3223 to 1.3340.  This sets up retracement support at 1.3282 to 1.3268.  The current break appears to be stopping at 1.3253.

Continue to buy breaks as long as the swing bottom at 1.3223 holds on the hourly chart.

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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