Daily
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader
–EURUSD found support (again) from the line that connects previous range tops (June and August highs). This line was support in late September as well.
–Still, a deeper correction is possible as long as price is below Monday’s high (1.3597). The decline from the top would consist of 2 equal legs at 1.3436. This level intersects the downward sloping corrective channel on Friday.
Trading Strategy: Many are noting a possible head and shoulders top. A close beneath 1.3460 would be needed to confirm this pattern. Even if that happens, expect support at the mentioned 1.3436 and/or channel.
LEVELS: 1.3415 1.34501.3488 | 1.3567 1.3597 1.3618