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EUR/USD Consolidating before Another Push?

EUR/USD Consolidating before Another Push?

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_eur-usd_1_body_eurusd.png, EUR/USD Consolidating before Another Push?

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-EURUSD has been confined to a tight range since the 9/19 high. Price may be forming a triangle. Watch for a thrust higher but into a top.

-In the event of a move higher, watch for resistance from 1.3640 (2/1 close) and 1.3674 (measured move).

-COT indicates that sentiment may be extreme among bulls.

Trading Strategy: If triangle interpretation is correct, then the market could top after a final thrust higher.

LEVELS: 1.3385 1.34301.3461 | 1.3568 1.3600 1.3640

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