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EUR/USD

EUR/USD

2013-09-11 20:41:00
Jamie Saettele, CMT, Sr. Technical Strategist
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EUR/USD Rams into Fibonacci Retracement

4Hour

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 has retraced 61.8% (1.3319) of the decline from 1.3451. The next resistance area would be the 78.6% level at 1.3377 and 8/20 close at 1.3417.

Trading Strategy: Never got the dip we were looking for to get long. Monitor for swing short setup from from 1.3377-1.3417.

LEVELS: 1.3180 1.32301.3280 | 1.3377 1.3417 1.3451

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