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EUR/USD at the Right Price for a Short; Friday is Good for Timing

By , Sr. Technical Strategist
14 November 2013 20:31 GMT

Daily

eliottWaves_eur-usd_body_eurusd.png, EUR/USD at the Right Price for a Short; Friday is Good for Timing

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-EURUSD has broken the trend channel that defines action from the July low. My interpretation of this development is that the major trend has turned at least sideways, and maybe down (see the recent writing on false EURUSD bullish breaks in recent years).

-Significant levels (the channel in the current situation) are sometimes re-tested from the opposite side of the market. The underside of the channel crosses about 1.3500 to 1.3510 the rest of this week.

-The previously uncovered 9/13 close was filled on Thursday and the EURUSD made an inside day on Friday. This combination is short term bullish.

Trading Strategy: A Friday high would present a short opportunity. Keep 1.3500/10 in mind although an overshoot is always a possibility. I’ll monitor things live via Twitter @JamieSaettele.

LEVELS: 1.3296 1.33551.3400 | 1.3470 1.3500 1.3547

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14 November 2013 20:31 GMT