60 MinuteBars
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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FOREXAnalysis: Was looking for weakness below 1.3001 and continuation into 1.2918/34, which is defined by the 4/4 reversal day close, 61.8% retracement of the rally from 1.2744 and where the decline from 1.3201 would consist of 2 equal legs (assuming price stays below 1.3128). Annoyingly, the decline stopped just short of estimated support. Price is in limbo between here and 1.3083.
FOREX Trading Strategy: Looking lower towards 1.2918/33 and maybe even channel support/1.2800 (head and shoulders target) as long as price is below 1.3083. Near term resistance is 1.3050. Exceeding 1.3083 while above Wednesday’s low would warrant a bullish bias against Wednesday’s low.
LEVELS: 1.2842 1.2919/34 1.2954 1.3052 1.30831.3128