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EUR/USD Wipes Out Last 3 Days; Tests Trendline

EUR/USD Wipes Out Last 3 Days; Tests Trendline

2013-05-02 00:14:00
Jamie Saettele, CMT, Sr. Technical Strategist
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DailyBars

eliottWaves_eur-usd_body_eurusd.png, EUR/USD Wipes Out Last 3 Days; Tests Trendline

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 “near term, it doesn’t appear that the rally from 1.2954 is complete structurally. That’s annoying because this is a real good place for a top (50% retracement, 61.8% extension of the 1.2744-1.3201 rally, first day of the month). The best short term count treats the drop from today’s high as a 4th wave (or part of a 4th wave). The implications would be for one final high (ECB?) before a larger reversal.” Price churned near the highs following ECB before falling apart as it’s possible that the ‘real good place for a top’ was indeed an important top. The decline has so far stopped at the trendline that extends off of the April lows. A drop below the line and test of the underside of that line next week as resistance would offer a swing short opportunity. Be wary of chasing on weakness at this point as the decline is mature on an intraday basis (may be nearing 5 waves down).

FOREX Trading Strategy: Flat

LEVELS: 1.2877 1.2934 1.3001 1.3096 1.31461.3180

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