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EUR/USD Outside Day and 1.3600 Test

EUR/USD Outside Day and 1.3600 Test

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_eur-usd_1_body_eurusd.png, EUR/USD Outside Day and 1.3600 Test

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-EURUSD pushed to a new high on Wednesday, making an outside day in the process.

-Continue to keep the following levels in mind for reactions; 1.3640 (2/1 close) and 1.3674 (100% expansion of 9/19-9/25 range). Channel resistance is right in line with the year to date high at 1.3711 (channel increases 8 pips per day).

-COT indicates that sentiment may be extreme among bulls.

Trading Strategy: No evidence of a top so why not be long? Flat is a position too and that’s what I prefer here (and have for a long time). Besides, the rally from the 9/25 low is an overlapping mess and may compose a diagonal (terminal pattern).

LEVELS: 1.3460 1.35041.3560 | 1.3640 1.36741.3711

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