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EUR/USD Drops for First Day in 8; Below 1.3660 Would Suggest Top

EUR/USD Drops for First Day in 8; Below 1.3660 Would Suggest Top

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_eur-usd_body_Picture_10.png, EUR/USD Drops for First Day in 8; Below 1.3660 Would Suggest Top

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-EURUSD saw the first decline in 8 days. I mentioned yesterday that “it’s worth noting that the rate has advanced for 7 consecutive days. Such instances have marked tops in recent years.”

-A new high would face the line that extends off of the 2008 and 2011 highs. The line is at 1.3915 this week. 1.3650 needs to give way in order to suggest that the trend is no longer up.

Trading Strategy: A drop back to the NFP level of 1.3660 would suggest that we entertain the short side. Scandinavian FX is beginning to weaken and targets are reward/risk on the trades are outsized.

LEVELS: 1.3660 1.36951.3740 | 1.3785 1.3832 1.3915

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