Daily
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader
–A downward sloping channel may be forming from the high. The decline is treated as corrective unless price breaks (not spikes below and recovers) down through the bottom of the channel.
-The August high at 1.3450 may still serve as support as could 1.3430. The latter is where the decline from the top would consist of 2 equal legs.
-Weakness below last Wednesday’s (1.3337) is needed to suggest that the larger trend has reversed.
Trading Strategy: Not a great place to take a stand – the path seems higher but downside risks are plenty with a possible top in place on news exhaustion. Price action around 1.3450 (if it gets there) may offer a clue.
LEVELS: 1.3385 1.34301.3461 | 1.3511 1.3568 1.3600