EUR/USD Meanders in Mid 1.3300s; Line from 2011 and 2013 Tops Nearby
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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FOREX Analysis: The EURUSD needs to clear 1.3415 in order to trade to its highest level since mid-February. In fact, the high for the entire year is less than 3% away. Of course, the low for the year isn’t quite 4.5% away! The point is that conditions are extremely quiet…and have been all year. This will change. When it does, we’ll look to take advantage.
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
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