Weak Euro Poised to Post Weekly Reversal Top

The selling pressure in the EUR USD did serious damage to the chart andhas put this pair in a position to post a weekly reversal down.

Analysis

The selling pressure in the EUR USD did serious damage to the chart and has put this pair in a position to post a weekly reversal down.

Today’s trading action took out a major 50% retracement price as well as four up trending Gann Angles, but the worst of the damage is yet to come as this pair is set to make a weekly closing price reversal down on a close under 1.4159.

Based on this developing chart pattern, this market has a chance to break to 1.3608 by June 11 – 12.

Daily Chart

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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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