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EUR/USD Trades to Huge Level in 2nd Largest Range of Year

EUR/USD Trades to Huge Level in 2nd Largest Range of Year

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_eur-usd_body_eurusd.png, EUR/USD Trades to Huge Level in 2nd Largest Range of Year

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: Recent comments were that the “EURUSD has been a mess of late and I spoke of one setup to watch for (in conjunction with USDCHF) during Monday’s webinar. There are too many possibilities at the current juncture (including the one described in the video…which would be a move above 1.3242 and THEN a reversal lower).” Volatility clarifies and it’s now possible that the described scenario is unfolding. There is a lot of resistance here; channel resistance, estimated right shoulder top from channeling technique, The May 2012 high, the December 2012 high, the first day of the year high, and the 2/25 large range high. Volume (CME) on this move was also the largest since 2/25.

FOREX Trading Strategy: Still waiting…an inside day or key reversal tomorrow would warrant a short position. EURAUD is a short candidate here as well (AUDUSD bullish reversal). NFP is tomorrow.

LEVELS: 1.3091 1.3130 1.3186 1.3318 1.33531.3455

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.