News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
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


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.