Webinar: EUR/USD Sits on a Hot Spot
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.
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 .
See Jeremy’s recent articles at his Bio Page.
To receive additional articles from Jeremy via email, join Jeremy’s distribution list.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.