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EUR/USD Action at Short Term Channel is Key

EUR/USD Action at Short Term Channel is Key

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_eur-usd_1_body_eurusd.png, EUR/USD Action at Short Term Channel is Key

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-A downward sloping channel may be forming from the high. The decline is treated as corrective unless price breaks (not spikes below and recovers) down through the bottom of the channel.

-The August high at 1.3450 may still serve as support as could 1.3430. The latter is where the decline from the top would consist of 2 equal legs.

-Weakness below last Wednesday’s (1.3337) is needed to suggest that the larger trend has reversed.

Trading Strategy: Not a great place to take a stand - the path seems higher but downside risks are plenty with a possible top in place on news exhaustion. Price action around 1.3450 (if it gets there) may offer a clue.

LEVELS: 1.3385 1.34301.3461 | 1.3511 1.3568 1.3600

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