The Forex Pattern, Price & Time Report – EUR USD – Midsession

The EUR USD Main Trend is down with the series of lower bottoms indicating that the trend is likely to continue. 

The EUR USD Main Trend is down with the series of lower bottoms indicating that the trend is likely to continue.  Based on today’s action, a new Main Top may be forming at 1.4013.  Right now it is just a minor top, but will reach main top status if today’s low is taken out on Tuesday.

This entire decline started two weeks ago when the weekly chart formed a closing price reversal top at 1.4337.  This particular pattern is usually good for a 2-3 week break with 1.3610 the next downside target.

The Main Trend is also down on the hourly chart, but there are indications that a short-term bottom may be forming.  If this is the case then look for a further rally to 1.3919 to 1.3941 before selling pressure resumes.

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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