66% Level Holds in EURUSD
EURUSD held the 66% retracement level of last week’s sharp rally today which means from a technical perspective the short-term trend on the daily chart is still higher.
A potential higher low is now in place on the daily chart following last week’s higher high. With the 4-hour chart shifting higher during the U.S. sesison today long-term bears may be in for a test of the March highs just above 138.00.
Jay Norris is the author of Mastering the Currency Market, McGraw-Hill, 2009, and a principal in Trading-U.com
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