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EUR/USD Inching into the Sweet Spot for a Drop

EUR/USD Inching into the Sweet Spot for a Drop

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_eur-usd_body_Picture_10.png, EUR/USD Inching into the Sweet Spot for a Drop

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-EURUSD continues to test the underside of recently broken trendline support. After 9 days of choppy upside, many are probably giving up on the downside…so it’s probably about time for the next leg lower.

-The 11/6 high at 1.3547 and 10/31 low at 1.3575 may provide resistance.

-Keep in mind the first day of the month is the high for the month so far at 1.3588.

Trading Strategy: On the lookout for a short opportunity above 1.3550. I’ll monitor things live via Twitter @JamieSaettele. I’m also tracking a USDNOK trade.

LEVELS: 1.3363 1.34191.3485 | 1.3547 1.3575 1.3630

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