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Jamie Saettele, CMT, Sr. Technical Strategist

EUR/USD Registers Highest Daily Close Since Day of June Top


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: 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. At this point, my imagination is running wild. One can envision a push through 1.3322 or even 1.3415 before a reversal. This would ‘mess’ with everyone…those short now, those that get long on a breakout, and those not yet short and want to be short but give up after price breaks higher.

LEVELS: 1.3094 1.3187 1.3247 1.3344 1.3415 1.3500

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