EUR/USD Inside Day; Was that a Top?
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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FOREX Analysis: The EURUSD formed an inside day today at the 2nd deviation Bollinger Band ®. This is a reversal warning. The next levels of upside interest are the 78.6% retracement of the decline from the February high (which is the high for the year) / 2/13 high at 1.3504/19. The line that extends off of the 7/11 and 8/8 highs crosses this area later this week (line is at about 1.3490 on Wednesday).
FOREX Trading Strategy: The market responded to resistance and let’s not forget that the push above the June high wasn’t confirmed by a USDCHF drop below its June low! Below 1.3310 would trigger a bearish bias and I would then zoom in to near term structure for a trade setup.
LEVELS: 1.3205 1.3250 1.3310 1.3380 1.3417 1.3500