EUR/USD Reversal is Significant; Near Term Focus is 1.3176
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: I mentioned yesterday that “the rally from the 6/10 low is accompanied by pathetic momentum.” That level, 1.3176, now serves as a near term downside objective although 1.3245 is viewed as potential support as well. A drop into there might find demand for a bounce back 1.3300 as part of a bigger topping process. Evidence of a more important top is seen by today’s JS Spike (key reversal + volatility conditions). The last such setup was on 4/4, which proved to be an important low (both days are circled). Remember, important declines have
FOREX Trading Strategy: The EURUSD / USDCHF non-confirmation does it again! I was “looking for a top between 1.3433 and 1.3458.” We didn’t get it but we now have a level to sell against. Order to short 1.3320, stop 1.3420, target 1.3180.
LEVELS: 1.3126 1.3177 1.3245 1.3325 1.33801.3415