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Jamie Saettele, CMT, Sr. Technical Strategist

EUR/USD 1.3218/45 May Provide Resistance


eliottWaves_eur-usd_body_eurusd.png, EUR/USD

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: Evidence of a more important top is seen by last Wednesday’s JS Spike (key reversal + volatility conditions). The last such setup was on 4/4, which proved to be an important low. A corrective recovery is probably underway from Monday’s low. The best area for the advance to end is 1.3245/72. 1.3245 is the 6/6 large volume day close. 1.3272 is the post FOMC hourly close. The area happens to be close to the 50%-61.8% retracement of the move down, at 1.3237 and 1.3279.

FOREX Trading Strategy: Order to short 1.3245 and 1.3275 (average 1.3260 if both triggered) with a 1.3420 stop.

LEVELS: 1.2997 1.3041 1.3100 1.3195 1.32451.3272

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