EUR/USD

DailyFX

EUR/USD Outside Day Forms as Market Never Tests 1.3450

Daily

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eliottWaves_eur-usd_1_body_eurusd.png, EUR/USD

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-EURUSD made an outside day and was never able to test 1.3450 (August high) estimated support. Only a drop below 1.3372 (pre-Fed level) would be a bearish development.

-Watch the channel for resistance, specifically 1.3640 (2/1 close).

Trading Strategy: The path seems higher but downside risks are plenty with a possible top in place on news exhaustion. Sounds like a great time to be flat.

LEVELS: 1.3385 1.34501.3494 | 1.3568 1.3600 1.3643

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