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EUR/USD Back and Fills as Market Digests Advance

By , Sr. Technical Strategist
23 October 2013 21:28 GMT


eliottWaves_eur-usd_1_body_eurusd.png, EUR/USD Back and Fills as Market Digests Advance

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-The channel that originates from the July low crosses the July 2011 low this week (1.3837). The 61.8% of the decline from the 2011 high is 1.3833 and the measured move from the just 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 1.3970 this week.

-Estimated support remains 1.3725/50 (post NFP spike high and 15 minute close).

Trading Strategy: Staying long EURNZD. I’m in buy the dip (increase position) and sell the rip (decrease position) mode. EURNZD supports are 1.6273, 1.6315, and 1.6350. Resistance is 1.6515, 1.6625 and 1.6800.

LEVELS: 1.3672 1.37031.3750 | 1.3830 1.3900 1.3970

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23 October 2013 21:28 GMT