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Jamie Saettele, CMT, Sr. Technical Strategist

EUR/USD Closes in on Yearly Low; Beware the CHF Divergence


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 has broken 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. Near term pattern is coming into focus with 5 waves down visible from the July high (1.3077). Watch price along with USDCHF. A tag of the yearly low (1.2744) in EURUSD while USDCHF is below its 2013 high (.9838) may be in order before a recovery.

FOREX Trading Strategy: Flat

LEVELS: 1.2659/79 1.2710 1.2744 1.2824 1.28871.2931

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