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Jamie Saettele, CMT, Sr. Technical Strategist

EUR/USD Pinned at mid-1.3200s


eliottWaves_eur-usd_body_eurusd.png, EUR/USD

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: Last Thursday felt like forced liquidation and I’m wondering if an important USD low is in place. EURUSD resistance is from the May 2012 high, the December 2012 high, the first day of the year high, and the 2/25 large range high. The rally from the April low consists of 2 equal waves and channels in a corrective manner. Volume (CME) on this move was the largest since 8/2/2012 (see next chart). The USDCHF / EURUSD divergence is in place as long as the USDCHF is above .9205 (explained in the webinar).

FOREX Trading Strategy: Flat

LEVELS: 1.3059 1.3096 1.3150 1.3285 1.33181.3353

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