The Forex Pattern, Price & Time Report – EUR USD – Mid-Session

Buying in the EUR USD dried up once this pair crossed into the retracement zone at 1.3963 to 1.4013.  A corrective top may be forming which takes the market down to 1.3903.

The EUR USD Main Trend is down on the daily chart, but up on the hourly chart.  Trading has been light.

Based on the range of 1.4177 to 1.3748, this market has a retracement zone at 1.3963 to 1.4013.

Today this pair crossed into this zone but did not see an acceleration to the upside.  In fact, it looks as if buying dried up.

Looking at the hourly swing chart, expectations are for a minimum correction  to 1.3903.  This down move will keep the main trend intact but provide some relief to an intraday overbought scenario.

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