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EUR/USD Nears Measured Move, Channel and February High

EUR/USD Nears Measured Move, Channel and February High

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_eur-usd_body_Picture_10.png, EUR/USD Nears Measured Move, Channel and February High

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 perform well. The advance from the 11/7 low (rate cut day) would consist of 2 equal legs at 1.3683. The Feb high is 1.3710 and the measured move from the latest consolidation (1.3621-1.3523) is 1.3718.

-A new high would (above Oct high) would face the line that extends off of the 2008 and 2011 highs at slightly above 1.3900. Former resistance is now support at 1.3620. 1.3510 is still the level that price would need to break in order for the trend to no longer be considered up.

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.” NFP is tomorrow.

LEVELS: 1.3510 1.35421.3615 | 1.3683 1.3710 1.3803

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