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EUR/USD Could Carve Larger Top; 1.3540-1.3570 is Resistance

EUR/USD Could Carve Larger Top; 1.3540-1.3570 is Resistance

2013-10-09 20:19:00
Jamie Saettele, CMT, Sr. Technical Strategist
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4Hour

eliottWaves_eur-usd_1_body_eurusd.png, EUR/USD Could Carve Larger Top; 1.3540-1.3570 is Resistance

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-EURUSD traded to 1.3645 last week. 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).

-Price dropped below 1.3500 and reversed after the release of the Fed minutes. The decline is contained by a corrective channel (3 waves) to this point, which leaves the door open to additional gains (as long as above Wednesday low).

Trading Strategy: Market is stuck between a rock and a hard place. Response at 1.3640 (2/1 close) combined with COT (most long since May 2011) points to formation of a larger top but drop from the top consists of roughly 2 equal waves and channel in a corrective manner. When in doubt stay out.

LEVELS: 1.3385 1.34151.3450/60 | 1.3540 1.3570 1.3618

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