EUR/USD Breaks above Monday Inside Day


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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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FOREX Analysis: The EURUSD broke through Monday’s inside day and traded to its highest level since 2/14. The next levels of upside interest are the 78.6% retracement of the decline from the February high (which is the high for the year) / 2/13 high at 1.3504/19. The line that extends off of the 7/11 and 8/8 highs crosses this area later this week (line is at about 1.3490 on Wednesday). Weakness below 1.3310 is needed in order to begin to suggest that a top is in place.

FOREX Trading Strategy: Flat

LEVELS: 1.3250 1.3310 1.3380 1.3500 1.3581 1.3643

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