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EUR/USD Gearing For Another Attempt at YTD High

EUR/USD Gearing For Another Attempt at YTD High

Jamie Saettele, CMT, Sr. Technical Strategist

Hourly

eliottWaves_eur-usd_body_Picture_10.png, EUR/USD Gearing For Another Attempt at YTD High

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-I mentioned last week that “it’s worth noting that the rate has advanced for 7 consecutive days. Such instances have marked tops in recent years.” The EURUSD recovered today after 2 down days to end last week. From a wave perspective, a slight new high could bring an end to the entire advance from the 11/7 low.

-A new high would face the line that extends off of the 2008 and 2011 highs. The line is at 1.3907 this week. 1.3660 needs to give way in order to suggest that the trend is no longer up.

Trading Strategy: We may have a short opportunity from slightly higher levels or below 1.3660. FOMC is on Wednesday (current focus is on Yen though).

LEVELS: 1.3621 1.36601.3722 | 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.

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