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EUR/USD

By , Sr. Technical Strategist
17 July 2013 22:40 GMT

EUR/USD Failed Run on 1.3205 Favors Bearish Operations

Daily

eliottWaves_eur-usd_body_eurusd.png, EUR/USD

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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Why trade EURUSD?

FOREXAnalysis: Keep high volume areas of 1.3242 and 1.3294 (post FOMC close) in mind but 1.3205 is viewed as a tradeable high. The USDCHF drop below its 7/11 low creates divergence with the EURUSD, which is in place as long as price is EURUSD is below the 7/11 high. It’s also possible that a flat correction is complete from the 7/11 low. Cited resistance at 1.3174 held Wednesday morning.

FOREX Trading Strategy: Was triggered short this morning at 1.3174. Stop is 1.3210. Target is 1.2930. If stopped out, then will be looking for top near 1.3270/90.

LEVELS: 1.2921 1.2992 1.3090-1.3105 1.3174 1.32051.3242

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17 July 2013 22:40 GMT