EUR/USD Outside Day Near 50% of Rally from July Low
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader
-EURUSD formed an outside day on Thursday on larger than average volume (CME volume on futures was 95th percentile over the last 20 days).
-Trading since the 9/3 low may form waves 4 and 5 within a 5 wave decline from the August high. The implications are for a low, if even just short term, to form over the next few days.
-The 7/11 close at 1.3094 remains of interest but 1.3050/70 is likely even more important. This level is the 100% expansion of wave 4, where wave 5 would equal wave 1, and 7/18 low.
Trading Strategy: Flat
LEVELS: 1.3020 1.3050/701.3094 | 1.3150 1.3166 1.3222
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.