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Jamie Saettele, CMT, Sr. Technical Strategist

EUR/USD Closes Day at Midpoint of Year


eliottWaves_eur-usd_body_eurusd.png, EUR/USD

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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Why trade EURUSD?

FOREXAnalysis: The title today says it all. After slightly more than 6 months, the EURUSD is at the exact midpoint of the 2013 range. The middle of a range is the worse place to be from a trading standpoint (bigger picture). 1.3242 and 1.3294 (post FOMC close) are high volume areas to keep in mind as possible topping areas (price reached 1.3238 on Tuesday).

FOREX Trading Strategy: Flat…price is nearing well defined levels...the next step is seeing how the market responds to the level.

LEVELS: 1.3092 1.3150 1.3203 1.3244 1.31741.3294

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