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Looking for EURUSD Follow Through on Reversal

Jamie Saettele, CMT

On Friday, the EURUSD followed through on Thursday's daily reversal...this week I'm looking for the EURUSD to follow through on last week's reversal. To review, longs were taken on Thursday's close and risk has been moved up to 1.2900 (Thursday's low). Last night's low is in the 'looking for low' area focused on in the weekly but a drop below would probably encounter support from Thursday's close at 1.2934. Levels of interest through the month on the upside are 1.3327 and 1.3320/40. Event risk isn't especially heavy this week.

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Jamie is the author of Sentiment in the Forex Market.

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