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Jamie Saettele, CMT, Sr. Technical Strategist

EUR/USD Runs into 2013 Trendline and 61.8% Range of Year


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?

FOREX Analysis: The EURUSD spiked into the trendline that extends off of the February and June highs as well as the 61.8% retracement of the decline from the June high. The several false starts (several outside days) on the downside and significantly waning momentum (240 min RSI isn’t even above 60) warn of an imminent reversal. The advent of a new month doesn’t hurt reversal prospects either.

FOREX Trading Strategy: Enough evidence is there to be short EURUSD here but I still see GBPUSD as a better trade right now.

LEVELS: 1.3066 1.3165 1.3208 1.3344 1.3415 1.3503

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