EUR USD in Position to Post Reversal Top

The EUR USD is weakening after the release of the Fed FOMC announcement. The current intraday weakness suggests the strong possibility of a closing price reversal top.

The EUR USD is weakening after the release of the Fed FOMC announcement. 

The current chart formation suggests the strong possibility of a closing price reversal top.  The best sign of a top formation will be a lower close, a close below the opening and a close below 50% of the day’s range.

To keep it simple, a close under 1.4787 will be the strongest sign that a short-term top is being formed.

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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