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Jamie Saettele, CMT, Sr. Technical Strategist

EUR/USD into 1.3200; Keep Post FOMC Level Near 1.3300 in Mind


eliottWaves_eur-usd_body_eurusd.png, EUR/USD

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 bet is probably going to be one of the mentioned levels.

LEVELS: 1.2963 1.3011 1.3100 1.3201 1.32421.3294

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