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EUR/USD Nearing Possible Resistance From Breakdown Level

EUR/USD Nearing Possible Resistance From Breakdown Level

2013-11-12 22:32:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_eur-usd_body_eurusd.png, EUR/USD Nearing Possible Resistance From Breakdown Level

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-EURUSD has broken the trend channel that defines action from the July low. My interpretation of this development is that the major trend has turned at least sideways, and maybe down (see the recent writing on false EURUSD bullish breaks in recent years).

-Significant levels (the channel in the current situation) are sometimes re-tested from the opposite side of the market. The underside of the channel crosses about 1.3485 to 1.3510 the rest of this week.

-The previously uncovered 9/13 close was filled on Thursday and the EURUSD made an inside day on Friday. This combination is short term bullish.

Trading Strategy: I do not have a position at the moment. Watch for resistance around 1.3500. I do remain long EURAUD.

LEVELS: 1.3296 1.33551.3410 | 1.3470 1.3500 1.3547

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