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EUR/USD Trades to High for Month; 1.3489 is the New Pivot

EUR/USD Trades to High for Month; 1.3489 is the New Pivot

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_eur-usd_body_Picture_10.png, EUR/USD Trades to High for Month; 1.3489 is the New Pivot

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 crawl higher. Near term focus is on 1.3650 (10/3 high and 10/21 low) and it’s worth noting that the rally from 1.3296 would consist of 2 equal waves at 1.3682.

-Only a drop below 1.3489 (previously 1.3400) would begin to suggest that the trend is not higher.

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 1.3489 would suggest that we consider the short side. GBPUSD may be breaking out.

LEVELS: 1.3463 1.35001.3559 | 1.9586 1.3650 1.3695

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

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