Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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FOREXAnalysis: Once again…EURUSD / USDCHF divergence warned of the turn. This time, the EURUSD slipped below the May low while the USDCHF stayed below its May high. The EURUSD traded into the April high and didn’t come off until Tokyo opened (which reminds me of the story in The New Market Wizards, when Bill Lipshutz had to wait for Tokyo to open to get out of $3 billion D-mark short). From here, watch for market responses at high volume areas of 1.3242 and 1.3294 (post FOMC close).
FOREX Trading Strategy: Want to be a seller of this but have to be smart about it...best bet is probably going to be one of the mentioned levels.
LEVELS: 1.2963 1.3011 1.3100 1.3201 1.32421.3294
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