EUR/USD

DailyFX

EUR/USD Holds Up; Topping Pattern Possible but

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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 decline from the 8/20 high is in 5 waves. 5 waves denote the direction of the larger trend so it’s possible that a significant high is in place at 1.3451.

-Rally from the 9/6 low has retraced slightly more than 78.6% of the decline from the 8/20 high (78.6% is at 1.3377). The level is bolstered by the close of the high week from August.

-Rally from the 9/6 low may be complete in 3 waves (end of wave B at Friday’s 1.3253 low). Weakness below Friday’s low (1.3253) would suggest that a top is in place and that this near term wave count is on track. Until then, we might see 1.3417 or higher.

Trading Strategy: I might get involved on the short side if Friday’s low is broken.

LEVELS: 1.3222 1.32531.3296 | 1.3385 1.3417 1.3451

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