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EUR/USD Action is Sloppy at Current Juncture

EUR/USD Action is Sloppy at Current Juncture

Jamie Saettele, CMT, Sr. Technical Strategist

4Hour

eliottWaves_eur-usd_body_eurusd.png, EUR/USD Action is Sloppy at Current Juncture

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: Bigger picture, a EURUSD head and shoulders top would be confirmed on a drop below 1.2743. Was previously looking for a drop below 1.2796 (to complete 5 waves down) before a recovery like the one we had today. The early low throws a wrinkle in things. Elliott channel resistance is holding at the moment but the sharp advance from today’s low doesn’t exactly inspire confidence in the downside. It is worth noting that 1.2934 continues to prove an important level (today’s close was 1.2932).

FOREX Trading Strategy: Flat

LEVELS: 1.2820 1.2855 1.2895 1.2997 1.30281.3071

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