EUR USD Regains Key Retracement Zone

Despite yesterday’s weakness, the EUR USD could not follow-through tothe downside and challenge the two Main Bottoms at 1.3804 and 1.3791. A trade through these two prices would have turned the Main Trend down.

Intra-Day Analysis

Analysis

Despite yesterday’s weakness, the EUR USD could not follow-through to the downside and challenge the two Main Bottoms at 1.3804 and 1.3791.  A trade through these two prices would have turned the Main Trend down.

The Main Trend remains up and by regaining the retracement zone at 1.4070 and 1.4133, this market is now in a bullish position to test the recent high at 1.4337.

Bearish traders will have to wait until this pair starts to show weakness again.  Falling back below 1.4133 will be the first sign of weakness, followed by 1.4070. 

For Gann Angle support and resistance email me at jhyerczyk@yahoo.com

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

Disclainer: