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EUR/USD Churning at Highs; 1.3600 is Still Support

EUR/USD Churning at Highs; 1.3600 is Still Support

2013-10-21 19:38:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_eur-usd_1_body_eurusd.png, EUR/USD Churning at Highs; 1.3600 is Still Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-After finding support from the line that connects previous range tops (June and August highs), the EURUSD pushed to a new high for the month and is knocking on the 2013 high from February at 1.3711.

-The channel that originates from the July low crosses the July 2011 low next week (1.3837). The 61.8% of the decline from the 2011 high is 1.3833 and the measured move from the just broken 1.3645-1.3461 range is 1.3829 (1.3645 + 1.3645-1.3461).

-Watch for support at just broken short term highs from 1.3600 to 1.3620.

Trading Strategy: Playing strength in Euro through crosses, specifically EURNZD.

LEVELS: 1.3597 1.36161.3645 | 1.3711 1.3800 1.3837

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

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