EUR/USD Gearing For Another Attempt at YTD High
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-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