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EUR/USD Largest One Day Decline of 2013; 1.3650 is Short Term Resistance

EUR/USD Largest One Day Decline of 2013; 1.3650 is Short Term Resistance

2013-10-31 21:51:00
Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_eur-usd_body_eurusd.png, EUR/USD Largest One Day Decline of 2013; 1.3650 is Short Term Resistance

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-EURUSD has tumbled from the well-defined 1.3830. Remember, that level was defined by channel resistance, the 61.8% of the decline from the 2011 high (1.3833), and July 2011 low. The measured move from the recently broken 1.3645-1.3461 range is 1.3829 (1.3645 + 1.3645-1.3461).

-Today was the largest one day decline since 6/21/12. Price has returned to the consolidation that took place from mid Sep to mid Oct. One possible pattern that ‘explains’ today’s move is an ending diagonal from the July low.

-Price closed below the line that extends off of the Sep and Oct lows. The underside of this line is now resistance along with 1.3650 (former support).

Trading Strategy: See how the market handles Thursday’s drop. There have been 3 down days of at least 1% in 2013 (1/3, 3/25, and 4/17). In each instance, the decline was as a ‘false start’ lower. As long as above 1.3470, it’s possible that this is another ‘false start’.

LEVELS: 1.3472 1.35151.3568 | 1.3650 1.3695 1.3735

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