Intraday EUR USD turns Bullish Over 1.4237

EUR USD took out a swing top at 1.4290 but failed to follow-through tothe upside in an attempt to test the June top at 1.4337.  Thesubsequent sell-off started before the equities opened and acceleratedto the downside once the stock market topped out and sold off.

Daily Analysis

EUR USD

EUR USD took out a swing top at 1.4290 but failed to follow-through to the upside in an attempt to test the June top at 1.4337.  The subsequent sell-off started before the equities opened and accelerated to the downside once the stock market topped out and sold off.

Currently the stock indices are retracing 50% or more of the day session range while the EUR USD rallies from the bottom at 1.4212.  A new intraday main top has been formed at 1.4237.  

A breakout over 1.4237 turns the intra-day main trend to up and could trigger a rally to 1.4255 to 1.4265.  A break down under 1.4212 is likely to lead to an acceleration to the down side.  

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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