Weekly
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader
–EURUSD is testing the channel that originates from the July as well as the July 2011 low (1.3837) and 61.8% of the decline from the 2011 high (1.3833). The measured move from the recently broken 1.3645-1.3461 range is 1.3829 (1.3645 + 1.3645-1.3461).
-The line that extends off of the 2008 and 2011 highs is at about 1.3965 this week and in line with the May 2011 low at 1.3968.
-Former highs at 1.3711 (Feb high) and 1.3645 (10/3) are estimated supports.
Trading Strategy: Trading EURNZD – looking for a long entry at recently broken resistance (and now estimated support) at 1.6515. A EURUSD dip into 1.3710 might present a long opportunity as well.
LEVELS: 1.3645 1.37111.3757 | 1.3832 1.3900 1.3970