EUR/USD Turns Negative on Month
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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FOREX Analysis: “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 remarked yesterday that there was ‘the risk of a final high in order to complete a diagonal from 1.3187 however (August low).’ That risk is probably no longer given depressed near term momentum readings, which often occur at the beginning or middle of larger moves. Resistance for Friday is 1.3270.
FOREX Trading Strategy: 1.3270 with a 1.3350 stop could work for swing traders but prefer to wait out month end with regards to longer term trades.
LEVELS: 1.2992 1.3095 1.3187 1.3270 1.3297 1.3339