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EUR/USD 1.3500 Break Needed to Begin Process of Short Setup

By , Sr. Technical Strategist
02 December 2013 21:48 GMT

Daily

eliottWaves_eur-usd_body_Picture_10.png, EUR/USD 1.3500 Break Needed to Begin Process of Short Setup

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-EURUSD begins Dec with a dip but a drop below 1.3489 (previously 1.3400) would begin to suggest that the trend is not higher (meaning it could be sideways or lower).

-It’s worth noting that the rally from 1.3296 would consist of 2 equal waves at 1.3682.

Trading Strategy: This market may be re-establishing its larger uptrend. At worst, the trend is sideways towards 1.3650 and maybe closer to 1.3800 at this point. Only a move below 1.3489 would suggest that we consider the short side.

LEVELS: 1.3399 1.34631.3513 | 1.3560 1.3589 1.3621

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02 December 2013 21:48 GMT