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Jamie Saettele, CMT, Sr. Technical Strategist

EUR/USD Chop in Order after 3 Week Decline?


eliottWaves_eur-usd_body_eurusd.png, EUR/USD

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The EURUSD formed an inside day at the line that extends off of the November 2012 and April 2013 lows. That line may form the neckline of a head and shoulders top although the time consumed to form the right shoulder makes the pattern suspect. A grasp of near term structure remains elusive but resistance is estimated at 1.2887 and 1.2920 and support 1.2827. After 3 weeks of weakness, some ‘chop’ between mentioned levels may be in order.

FOREX Trading Strategy: Flat

LEVELS: 1.2744 1.2796 1.2827 1.2887 1.29201.2999

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