EUR/USD Ends Day at August Open after Trendline Response
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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FOREX Analysis: The EURUSD has traded lower from 1.3400 and closed Monday at the month open of 1.3300. How important is the top that’s in place at 1.3400? I don’t know…at least not yet. Additional info (price pattern) is needed to suggest that the top at 1.3400 is one of importance but Monday’s WSJ markets section featured the USD. Such headlines are typical at market turns (EURUSD bearish in this case). Weakness below the near term trendline (extends off of 7/15 and 8/2 lows) would expose the 7/11 high at 1.3205. I’d look to turn bearish in the ensuing bounce.
FOREX Trading Strategy: Flat
LEVELS: 1.3187 1.3205 1.3232 1.3332 1.3380 1.3415