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EUR/USD Whipsaws Some More as Market Prepares for Next Move

EUR/USD Whipsaws Some More as Market Prepares for Next Move

2013-04-24 22:31:00
Jamie Saettele, CMT, Sr. Technical Strategist
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DailyBars

eliottWaves_eur-usd_body_eurusd.png, EUR/USD Whipsaws Some More as Market Prepares for Next Move

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: The EURUSD has been awfully tricky of late. The early April low was registered slightly above the 61.8% of the rally from the 2012 low. The drop from the April high found low right before the 61.8% retracement of the rally from the April low as well. In other words, lows are being registered prior to expected levels. One wonders if the market finding lows before typical relationships are realized is actually a bullish development…after all, an early month low (day 4) is in place, the early month reversal is characterized by large volume (CME), and the reversal saw follow through the very next day.

FOREX Trading Strategy: Would rather be long than short on a swing basis but 1.2919/34 still possible in near term. Laying low.

LEVELS: 1.2842 1.2877 1.2919/34 1.3093 1.31281.3175

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