EUR/USD Holds 20 Day Average; Near Term Uncertain
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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FOREX Analysis: 5 waves down from the top suggest that a EURUSD top is in place but another day (at least) of chop may need to take place before a sharper decline. I’m not ruling out a new high either as I’ve seen plenty intraday impulsive declines that have failed to trigger more important reversals. Yesterday’s comments remain valid – “The EURUSD formed an inside day today at the 2nd deviation Bollinger Band ® (recent instances are circled). 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.”
FOREX Trading Strategy: The weakness below 1.3310 could be a start of something more bearish. I’ll need more evidence of a turn before committing capital though.
LEVELS: 1.3205 1.3250 1.3310 1.3380 1.3417 1.3500
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