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EUR/USD Pinned to Mid-1.3500s; Near Term is a Toss Up

EUR/USD Pinned to Mid-1.3500s; Near Term is a Toss Up

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_eur-usd_body_Picture_10.png, EUR/USD Pinned to Mid-1.3500s; Near Term is a Toss Up

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-EURUSD since early October may compose a head and shoulders top. Weakness below 1.3400 would suggest that the trend is down.

-Exceeding 1.3580 would focus on 1.3650.

Trading Strategy: This market may be re-establishing its larger uptrend. At worst, the trend is sideways towards 1.3650 and maybe closer to 1.3800 at this point. Only a move below 1.3400 would suggest that we trade from the short side.

LEVELS: 1.3423 1.34791.3520 | 1.3600 1.3650 1.3695

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