EUR/USD Remains Firm; Former Highs are Support
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader
-The channel that originates from the July low crosses the July 2011 low this 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).
-The line that extends off of the 2008 and 2011 highs is at 1.3970 this week.
-Former highs at 1.3711 (Feb high) and 1.3645 (10/3) are estimated supports.
Trading Strategy: Trading EURNZD – looking for 1-2 day of sideways to lower before returning to long side.
LEVELS: 1.3645 1.37111.3740 | 1.3830 1.3900 1.3970
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