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EUR/USD Upward Sloping Range Conditions Remain Dominant

EUR/USD Upward Sloping Range Conditions Remain Dominant

2013-12-03 23:10:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_eur-usd_body_Picture_10.png, EUR/USD Upward Sloping Range Conditions Remain Dominant

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-EURUSD retraced Monday’s decline on Tuesday. A drop below 1.3489 (previously 1.3400) would begin to suggest that the trend is not higher (meaning it could be sideways or lower).

-It’s worth noting that the rally from 1.3296 would consist of 2 equal waves at 1.3682. 1.3650-1.3680 could inspire a reaction that leads to a deeper decline.

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.

LEVELS: 1.3399 1.34631.3513 | 1.3621 1.3650 1.3683

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

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