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Elliott Wave Bias Table
| Symbol | Bias | Time Frame | Invalidation | Objective | Chart Links |
|---|---|---|---|---|---|
| EUR/USD | s (5/15) | 1.3028 | 1.2715 / open | View Chart | |
| USD/JPY | flat | View Chart | |||
| GBP/USD | s (5/1) | 1.5450 | 1.5130 / open | View Chart | |
| USDOLLAR | flat | View Chart | |||
| USD/CHF | l (5/6) | .9520 | 1.0100 | View Chart | |
| AUD/USD | s (5/8) | 1.0170 | .9700 | View Chart | |
| USD/CAD | l (5/7) | 1.0080 | 1.0290 | View Chart | |
| NZD/USD | s (4/30) | .8370 | .8055 | View Chart | |
| OIL | flat | View Chart | |||
| GOLD | s (4/25) | 1490 | open | View Chart |
EUR/USD 1.2934; Former Support Turned Resistance
240 Minute Bars
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Are you new to FX or curious about your trading IQ?
FOREXAnalysis: Wrote yesterday that “the EURUSD has penetrated an internal trendline (former diagonal resistance line) and closed beneath the important 1.2934 (61.8% retracement AND the close of the 4/4 reversal day). Bigger picture, a head and shoulders top would be confirmed on a drop below 1.2743.” Thursday’s action reinforces 1.2934 as one of importance. The high was 1.2929. Look lower although a push above 1.2934 wouldn’t negate anything bearish. Only above 1.3028 would call the downtrend into question.
FOREX Trading Strategy: No change - Breakout trading is warranted. I’m bearish against 1.3035. Look for resistance near the downward sloping dashed line in the coming days…the line is at about 1.2932 on Friday.
LEVELS: 1.2744 1.2801 1.2842 1.2907 1.29341.2988
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