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Jamie Saettele, CMT, Sr. Technical Strategist

EUR/USD Near Term Trading Levels are 1.3300 and 1.3180


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 decline from the 8/20 high is in 5 waves. 5 waves denote the direction of the larger trend so it’s possible that a significant high is in place at 1.3451.

-A large range key reversal unfolded on Friday and price exhibited follow through on Monday.

-Rally from Friday’s low is also impulsive (wave a of a-b-c?), suggesting that any setback will likely prove corrective. Support is 1.3180/90.

Trading Strategy: Looking lower from nearby levels but for 1.3180/90 to hold before another advance.

LEVELS: 1.3140 1.3180/901.3230 | 1.3300 1.3318 1.3377

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