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Jamie Saettele, CMT, Sr. Technical Strategist

EUR/USD Outside Day as Rally Reaches June FOMC Level


eliottWaves_eur-usd_1_body_eurusd.png, EUR/USD

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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Why trade EURUSD?

FOREXAnalysis: I wrote yesterday that “the EURUSD has responded to an important market level (50% of yearly range, large volume area from 6/6 and May high). Price has yet to break even the shortest term support however.” Wednesday’s key reversal was followed by an outside day and the rally has reached the June FOMC day close (and June high day) of 1.3294. If you can’t count the waves then the move is most likely not complete. We can count them now however. The rally from the July low currently counts as an A-B-C rally with wave C in the form of an ending diagonal.

FOREX Trading Strategy: We are the exact level that I want to short (1.3295) I’ll wait to see how the market reacts into end of week before taking action. Besides, the trendline that extends off of the February and June highs is at 1.3335 on Friday (decreases 13.94 pips per day), which is in line with the 61.8% retracement of the decline from February to April at 1.3341.

LEVELS: 1.3092 1.3165 1.3226 1.3294 1.33351.3415

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