300 Minute Bars

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Prepared by Jamie Saettele, CMT

The EURUSD rally off of the lows has extended to the point that we must seriously consider the possibility that a low is in place. Other USD patterns (the AUDUSD and USDOLLAR in particular) still favor USD strength (allowing for some weakness near term) so I am not confident in the above EURUSD proposition. I wish to wait for the week to end before commenting further but a close above 13650 this week (seems likely) would complete a weekly key reversal. The last 6 such reversals have indicated MAJOR tops and bottoms (watch video later for more on this).