Euro Posts Daily Reversal Top

Technically, the Euro posted a daily reversal top at 1.3722. This topwas slightly below the March high at 1.3737. The current chart patternsuggests a break to 1.3303 is likely.e.

The EUR USD fell sharply lower on Wednesday as traders got a dose of reality following the release of a worse than expected U.S. Retail Sales Report. The report showed that despite growing optimism in the economy, U.S. consumers continued to hold on tightly to their money. This sent a signal to Euro traders that the global economic recovery may not be as swift as some anticipated but rather a long drawn out process.

Technically, the Euro posted a daily reversal top at 1.3722. This top was slightly below the March high at 1.3737. The current chart pattern suggests a break to 1.3303 is likely.

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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