This is a recording of a webinar that occurred on November 28, 2016. To attend the webinar live on Monday’s at 14:30 GMT, obtain your free registration here.
In this webinar, we used technical analysis and namely, Elliott Wave Theory to identify trends and trading opportunities in main markets. EUR/USD is one to keep a close eye on. Last week’s low near 1.0517 is a key level. We can see a bullish leg developing from that low that may move up towards 1.13-1.14. A break below 1.0517 would be significant and would begin to activate bearish scenarios.
We discussed stop and reverse strategies. Typically I don’t use them, but reserve them for certain situations when price is near a key level. EURUSD might just be that scenario where so long as price is above 1.0517, then the door is still open to higher levels. A bullish trader may consider a stop and reverse on a move below 1.0517.
If you wish to read our Q4 outlook for EUR, GBP, JPY, USD, Oil, Gold, and/or equities, grab a copy here.
Or, if you wish to join Jeremy in his Monday US Opening Bell webinars to discuss chart patterns on key markets, register and join here.
Suggested Reading: Dow Jones Industrial Average Presses New Highs
---Written by Jeremy Wagner, Head Trading Instructor, DailyFX EDU
Follow me on Twitter at @JWagnerFXTrader .
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