EUR/USD Drop Announces an End to Multi-Week Correction

| 21 november, 2013 | 0 kommentarer

4Hour

eliottWaves_eur-usd_body_Picture_10.png, EUR/USD Drop Announces an End to Multi-Week Correction

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-“After 9 days of choppy upside, many are probably giving up on the downside…so it’s probably about time for the next leg lower.” The market has responded.

EURUSD has already reached the 11/6 close (day of the low) of 1.3619. The 11/7 close (a Friday and therefore the weekly closing low) is at 1.3363. One of these levels is a good place for a bounce.

-1.3470/85 has evoked an impressive response in this market since Sep. That is now resistance if reached.

Trading Strategy: Indications are that the larger trend has turned back down but direction isn’t enough….the right price is critical. I am looking to short into 1.3470. The stop needs to be above 1.3580.

LEVELS: 1.3331 1.33631.3415 | 1.3470 1.3510 1.3546

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Kategori: Analys från DailyFX

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