The EUR/USD finished unchanged on Monday ahead of the Christmas holiday. Today’s inside move indicates impending volatility which should be expected
The EUR/USD finished unchanged on Monday ahead of the Christmas holiday. Today’s inside move indicates impending volatility which should be expected considering the U.S. fiscal cliff situation.
The main trend is up on the daily chart despite the two-day setback. The market is trading on the bearish side of a longer-term uptrending Gann angle. This is at 1.3260. This could be a sign of lower prices to follow.
Daily EUR/USD Chart
The market is also walking down a pair of Gann angle from the 1.3308 top. These angles are at 1.3188 and 1.3228.
The bigger picture suggests the market is headed toward an uptrending Gann angle at 1.3096 and a minor retracement zone at 1.3092 to 1.3041.
James is a Florida-based technical analyst, market researcher, educator and trader with 35+ years of experience. He is an expert in the area of patterns, price and time analysis as it applies to futures, Forex, and stocks.
