"INDICATOR OF THE DAY" - EUR/USD high-lows
We will be watching price action in the Euro today for an indication and insight into broader market price action direction. The key levels to watch are going to be recent high lows by 1.4165 and 1.4055. We contend that we are at a key inflection point and a break of either level will likely set the tone for market direction across the board in the week ahead. Above 1.4165 will likely open a fresh wave of broad based USD/Yen selling and currency buying, while back below 1.4055 will open a shift back into the safe-haven currencies.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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