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EUR/USD

EUR/USD

2013-09-03 00:08:00
Jamie Saettele, CMT, Sr. Technical Strategist

EUR/USD Declines for 5th Consecutive Day

Daily

eliottWaves_eur-usd_1_body_eurusd.png, EUR/USD

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-EURUSD declined for a 5th consecutive day and traded to its lowest level since 7/22.

-The next downside level of interest is the 7/11 close at 1.3094.

-Weakness since the 8/20 high is unfolding in impulsive fashion.

-Strength would probably prove corrective. Estimated resistance is 1.3205-1.3254.

Trading Strategy: Like short positions between 1.3205 and 1.3254 with a 1.3350 stop. Target half at 1.3100.

LEVELS: 1.2980 1.3020 1.3094 | 1.3205 1.3254 1.3297

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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