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EUR/USD Drop Announces an End to Multi-Week Correction

EUR/USD Drop Announces an End to Multi-Week Correction

Jamie Saettele, CMT, Sr. Technical Strategist

4Hour

eliottWaves_eur-usd_body_Picture_10.png, EUR/USD Drop Announces an End to Multi-Week Correction

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“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 market has responded.

-EURUSD has already reached the 11/6 close (day of the low) of 1.3619. The 11/7 close (a Friday and therefore the weekly closing low) is at 1.3363. One of these levels is a good place for a bounce.

-1.3470/85 has evoked an impressive response in this market since Sep. That is now resistance if reached.

Trading Strategy: Indications are that the larger trend has turned back down but direction isn’t enough….the right price is critical. I am looking to short into 1.3470. The stop needs to be above 1.3580.

LEVELS: 1.3331 1.33631.3415 | 1.3470 1.3510 1.3546

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

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