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EUR/USD Wedged between Technical Barriers; Range Conditions

EUR/USD Wedged between Technical Barriers; Range Conditions

2013-10-10 20:59:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_eur-usd_1_body_eurusd.png, EUR/USD Wedged between Technical Barriers; Range Conditions

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-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 on Wednesday. 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: 1.3415 1.34501.3485 | 1.3570 1.3617 1.3645

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