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EUR/USD Possible Top but Former Channel Resistance Holds as Support

EUR/USD Possible Top but Former Channel Resistance Holds as Support

2013-10-15 20:22:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_eur-usd_1_body_eurusd.png, EUR/USD Possible Top but Former Channel Resistance Holds as Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-EURUSD found support from the line that connects previous range tops (June and August highs). This line was support in late September as well.

-Still, a deeper correction is possible as long as price is below Monday’s high. Former range highs at 1.3415 and 1.3450 would be of interest. The decline from the top would consist of 2 equal legs at 1.3436.

Trading Strategy: Many are noting a possible head and shoulders top. A close beneath 1.3460 would be needed to confirm this pattern. Even if that happens, the mentioned 1.3415/50 zone is still in the way. Sit tight.

LEVELS: 1.3385 1.34151.3450 | 1.3540 1.3560 1.3600

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