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2013-08-28 23:37:00
Jamie Saettele, CMT, Sr. Technical Strategist

EUR/USD Probes 20 Day Average; Diagonal Still Possible


eliottWaves_eur-usd_1_body_eurusd.png, EUR/USD

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREX Analysis: The EURUSD traded to 1.3304 on Wednesday, turning higher a few pips before the month open of 1.3301. Signs of a top include recent divergence with the CHF (USDCHF held above the June low while the EURUSD exceeded its June high) and waning momentum (RSI divergence) at price peaks. I’ll point out the risk of a final high in order to complete a diagonal from 1.3187 however (August low).

FOREX Trading Strategy: Evidence points to topping but not enough for me to be short…yet.

LEVELS: 1.3187 1.3250 1.3297 1.3355 1.3417 1.3451

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