EUR/USD-One More High May Complete Advance
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: Wrote yesterday that “the EURUSD closed above the 2/25 high of 1.3318 but just below the 61.8% of the decline from 1.3711 at 1.3341. Decent selling pressure during the European session on Wednesday may have been the ‘false start’ on the downside that is common at tops. There are levels just overhead that could produce a sharp reversal…the 2/7 close at 1.3396, 2/20 high at 1.3433, and the trendline that extends off of the 2011 and 2013 highs (a little over 1.3450 for the rest of the week).” Another ‘false start’ took place during Thursday’s European session. One more high into 1.3400/50 may well finish the sequence from mid-May.
FOREX Trading Strategy: Expecting a top after one more high…watch with USDCHF. A new high in EURUSD that is not confirmed by a new USDCHF low would be a ‘tell.’
LEVELS: 1.3177 1.3245 1.3305 1.3396 1.34331.3485
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