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EUR/USD Waiting Game-Beware Trap Before ECB

EUR/USD Waiting Game-Beware Trap Before ECB

2013-04-03 22:23:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_eur-usd_body_eurusd.png, EUR/USD Waiting Game-Beware Trap Before ECB

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

FOREXAnalysis: There remains little to say about the EURUSD. Monday and today’s price action both reversed before the low and then closed near the high of the minor range. Of course, recent action could be sucking in longs before ECB drops the hammer and EURUSD tests 1.2660/80 (November low at 1.2660 and 61.8% retracement of the rally from the July 2012 low at 1.2679).

FOREX Trading Strategy: Need to see either a drop into 1.2660/80 and reversal from there or a break above 1.2890 (daily close even better) before turning bullish.

LEVELS: 1.2660 1.2710 1.27711.2890 1.30471.3106

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