EUR/USD Closes Near Lows after Gap Open
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.
-Rally from the 9/6 low has retraced slightly more than 78.6% of the decline from the 8/20 high (78.6% is at 1.3377). The level is bolstered by the close of the high week from August.
-Rally from the 9/6 low may be complete in 3 waves (end of wave B at Friday’s 1.3253 low). Weakness below Friday’s low would suggest that a top is in.
Trading Strategy: Something has got to give soon. I’m open to either direction but near term structure suggests that the trend is lower. I might get involved on the short side if Friday’s low is broken.
LEVELS: 1.3222 1.32531.3296 | 1.3349 1.3385 1.3417
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