EUR/USD Wipes Out Last 3 Days; Tests Trendline

| 3 maj, 2013 | 0 kommentarer

DailyBars

eliottWaves_eur-usd_body_eurusd.png, EUR/USD Wipes Out Last 3 Days; Tests Trendline

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

FOREXAnalysis: Wrote yesterday that “near term, it doesn’t appear that the rally from 1.2954 is complete structurally. That’s annoying because this is a real good place for a top (50% retracement, 61.8% extension of the 1.2744-1.3201 rally, first day of the month). The best short term count treats the drop from today’s high as a 4th wave (or part of a 4th wave). The implications would be for one final high (ECB?) before a larger reversal.” Price churned near the highs following ECB before falling apart as it’s possible that the ‘real good place for a top’ was indeed an important top. The decline has so far stopped at the trendline that extends off of the April lows. A drop below the line and test of the underside of that line next week as resistance would offer a swing short opportunity. Be wary of chasing on weakness at this point as the decline is mature on an intraday basis (may be nearing 5 waves down).

FOREX Trading Strategy: Flat

LEVELS: 1.2877 1.2934 1.3001 1.3096 1.31461.3180

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

Din e-postadress kommer inte publiceras. Obligatoriska fält är märkta *