EUR/USD

DailyFX

EUR/USD Forms Key Reversal after Tagging Important Market Level

Daily

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eliottWaves_eur-usd_body_eurusd.png, EUR/USD

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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Why trade EURUSD?

FOREXAnalysis: The EURUSD has responded to an important market level (50% of yearly range, large volume area from 6/6 and May high). Price has yet to break even the shortest term support however. Wednesday’s low was right at former resistance from the 7/17 high.

FOREX Trading Strategy: Getting close to being short…will either be shorting a new high (1.3170-95 is resistance) or shorting on bounces AFTER a drop below Monday’s low (1.3132).

LEVELS: 1.3092 1.3150 1.3203 1.3210 1.32551.3294

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