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EUR/USD Short Term Triangle is Possible; 1.3660 Still the Pivot before FOMC

EUR/USD Short Term Triangle is Possible; 1.3660 Still the Pivot before FOMC

2013-12-17 21:31:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_eur-usd_body_Picture_10.png, EUR/USD Short Term Triangle is Possible; 1.3660 Still the Pivot before FOMC

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-EURUSD action in recent days may compose a triangle pattern. Triangles sometimes form before a final ‘blow-off’. In this case, a triangle measurement is 1.3915 (if price holds above 1.3708), which is in line with the long term trendline (see next sentence).

-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 above 1.3900 or below 1.3660. I have no plan to trade EURUSD tomorrow although I am currently involved in EURJPY.

LEVELS: 1.3621 1.36601.3722 | 1.3785 1.3832 1.3915

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