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EUR/USD Rebounds again from Line off of June and August Highs

EUR/USD Rebounds again from Line off of June and August Highs

2013-10-16 22:35:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_eur-usd_1_body_eurusd.png, EUR/USD Rebounds again from Line off of June and August Highs

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-EURUSD found support (again) 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 (1.3597). The decline from the top would consist of 2 equal legs at 1.3436. This level intersects the downward sloping corrective channel on Friday.

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, expect support at the mentioned 1.3436 and/or channel.

LEVELS: 1.3415 1.34501.3488 | 1.3567 1.3597 1.3618

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