Euro Trend Indicators Highest in Nearly 2 Years

Daily Bars

Prepared by Jamie Saettele

The EURUSD has taken out its April high and bulls are gunning for the March high at 13820. Eventually, the EURUSD is expected to reach the 100% extension of the 11875-13340 rally at 14140 in order to complete the 3 wave rally from the June low (intersects with corrective channel on October 25). Clearly, the uptrend is exceptionally strong and maybe a bit too strong at the moment. 14 day DMI is at its highest level since December 2008, which saw the 14700 top. A pullback would encounter initial support at 13560.

Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday evenings), technical analysis of currency crosseson Wednesday and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forum. He is the author of Sentiment in the Forex Market. Follow his intraday market commentary and trades at DailyFX Forex Stream. Send requests to receive his reports via email to jsaettele@dailyfx.com.

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