EUR/USD

DailyFX

EUR/USD Wave Pattern Possibility into ECB

4Hour

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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 recovered Wednesday to close at 1.3206, right at the 8/15 low of 1.3205.

-3 waves down from the August high are visible, thus the current rally may compose a corrective 4th wave. Former pivot highs at 1.3226, 1.3234 and 1.3254 are levels to look for a top.

-The next downside level of interest is the 7/11 close at 1.3094.

Trading Strategy: Shorting between 1.3230 and 1.3250 with a 1.3310 stop. Target half at 1.3100.

LEVELS: 1.3020 1.30941.3162 | 1.3226 1.3254 1.3297

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