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EUR/USD Rebounds into Resistance; Zone Extends to 1.3510

EUR/USD Rebounds into Resistance; Zone Extends to 1.3510

Jamie Saettele, CMT, Sr. Technical Strategist

4Hour

eliottWaves_eur-usd_body_Picture_10.png, EUR/USD Rebounds into Resistance; Zone Extends to 1.3510

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.

-A day or 2 more of EURUSD chop may be in order before one can play for another leg lower. Estimated support is 1.3427. Estimated resistance is 1.3510.

Trading Strategy: Indications are that the larger trend has turned back down. I wrote Wednesday that “I am looking to short into 1.3470. The stop needs to be above 1.3580.” This could work but I’d prefer to wait for an attempt on 1.3510. Even then, the market would need to respond in a meaningful way before I can short. There are other opportunities right now. Why waste time here?

LEVELS: 1.3363 1.33991.3427 | 1.3470 1.3510 1.3546

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

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