EUR/USD Could Carve Larger Top; 1.3540-1.3570 is Resistance

| 10 oktober, 2013 | 0 kommentarer


eliottWaves_eur-usd_1_body_eurusd.png, EUR/USD Could Carve Larger Top; 1.3540-1.3570 is Resistance

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

EURUSD traded to 1.3645 last week. 1.3640 is the year to date high close (2/1 close). Such an important level may inspire a more important reaction (for example, see GBPUSD from 1.6252).

Price dropped below 1.3500 and reversed after the release of the Fed minutes. The decline is contained by a corrective channel (3 waves) to this point, which leaves the door open to additional gains (as long as above Wednesday low).

Trading Strategy: Market is stuck between a rock and a hard place. Response at 1.3640 (2/1 close) combined with COT (most long since May 2011) points to formation of a larger top but drop from the top consists of roughly 2 equal waves and channel in a corrective manner. When in doubt stay out.

LEVELS: 1.3385 1.34151.3450/60 | 1.3540 1.3570 1.3618

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Kategori: Analys från DailyFX

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