EUR/USD Pinned to Mid-1.3200s
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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FOREX Analysis: No change - “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: Everything points to a top but the market is eerily quiet…too quiet for me to trade.
LEVELS: 1.2993 1.3094 1.3187 1.3302 1.3344 1.3415
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.