Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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FOREX Analysis: The EURUSD has probably been carving out a top for the last 4 trading days. Price is having a devil of a time getting through “the June FOMC day close (and June high day) of 1.3294. Recent comments on pattern remain valid as well – “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.” With so much event risk in the coming days, one must respect the potential for a spike high on news before a sharper drop. The trendline that extends off of the February and June highs is at about 1.3330.
FOREX Trading Strategy: GBPUSD is a better trade right now.
LEVELS: 1.3066 1.3165 1.3205 1.3289 1.3335 1.3415
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.