EUR/USD Trades to 9 Day Low…Then 4 Day High in a 4 Hour Window
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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FOREX Analysis: The near term EURUSD bear case was looking good for until about 2 pm (New York time). The overnight rally has failed after piercing 1.3300. 1.3300 is the month open and underside of the line that extends off of the 7/15 and 8/2 lows. The drop under last week’s low proved a false break (as is the risk during a low volatility environment) and price finished on the highs. In light of the trendline confluence at the current level, I’d not give up on the bear case just yet. In fact, it is possible that today’s surge actually completes a flat correction from the 8/13 low.
FOREX Trading Strategy: Flat
LEVELS: 1.3205 1.3250 1.3310 1.3380 1.3415 1.3500