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EUR/USD Fills Gap from 9/13 Close; Resistance Surrounds 1.3500

EUR/USD Fills Gap from 9/13 Close; Resistance Surrounds 1.3500

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_eur-usd_body_eurusd.png, EUR/USD Fills Gap from 9/13 Close; Resistance Surrounds 1.3500

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-“The failed break above the February high could be a false breakout (bull trap). We’ve seen this before. In fact, it has happened in November 2009 and May 2011. See Friday’s report for more.”

-EURUSD broke channel support and filled the gap from the 9/13 close (circled). The underside of this line is approximate resistance now. In general, 11/4-11/6 congestion from 1.3440 to 1.3550 is resistance. Within that zone, the Oct low at 1.3470 is of particular interest.

Trading Strategy: I’m trading EURAUD from the long side after today’s reversal. The trends, reversals, etc. have been much cleaner in Europe vs. Commodity FX. I’ll take the smoother ride any day. Why drive a Yugo when you can drive a Ferrari? As always, I’ll post compelling ideas to Twitter @JamieSaettele.

LEVELS: 1.3296 1.33301.3370 | 1.3450 1.3500 1.3547

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

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