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EUR/USD Responds to Year to Date High Close of 1.3640

EUR/USD Responds to Year to Date High Close of 1.3640

2013-10-03 23:12:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_eur-usd_1_body_eurusd.png, EUR/USD Responds to Year to Date High Close of 1.3640

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-EURUSD traded to 1.3645 on Thursday. 1.3640 is the year to date high close (2/1 close). Such an important level may inspire a more important reaction (for example, see GBPUSD from 1.6252).

-The next levels of interest are 1.3674 (100% expansion of 9/19-9/25 range) and then the year to date high at 1.3711. Channel resistance is at about 1.3719 on Friday.

-COT indicates that sentiment may be extreme among bulls. Weakness below 1.3500 is needed to reverse the near term trend and shift focus to the 1.3415/60.

Trading Strategy: Flat

LEVELS: 1.3460 1.35041.3570 | 1.3674 1.37111.3837

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

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