EUR/USD Consolidating before Another Push Higher?
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-EURUSD formed an inside day on Wednesday. A drop below 1.3510 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 1.3510 would suggest that we consider the short side. ECB and BoE are tomorrow.
LEVELS: 1.3399 1.34631.3524 | 1.3621 1.3650 1.3683