EUR USD Upside Momentum Slowing

The lack of follow-through to the upside following a new high for the year could be indicating developing weakness in the EUR USD.

The EUR USD broke through 1.4843 to post a new high for the year, but upside momentum slowed following the penetration of this price.  While the pull-back below 1.4843 is not a reversal in trend, it does indicate that the selling may be greater than the buying at current price levels.

If this market weakens further then keep in mind that it must continue to hold the uptrending daily Gann angle at 1.4760 or the developing break could become significant. 

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