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

| 10 oktober, 2013 | 0 kommentarer

4Hour

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

Taggar: ,

Kategori: Analys från DailyFX

Om skribenten ()

DailyFX från FXCM ger dig dagligen färska tekniska analyser på valuta och råvaror. FXCM är en ledande handelsplattform för trading av finansiella tillgångar med kraftfulla verktyg för alla sorters handel.

Lämna ett svar

E-postadressen publiceras inte. Obligatoriska fält är märkta *