EUR/USD

DailyFX

EUR/USD Outside Day Near 50% of Rally from July Low

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 formed an outside day on Thursday on larger than average volume (CME volume on futures was 95th percentile over the last 20 days).

-Trading since the 9/3 low may form waves 4 and 5 within a 5 wave decline from the August high. The implications are for a low, if even just short term, to form over the next few days.

-The 7/11 close at 1.3094 remains of interest but 1.3050/70 is likely even more important. This level is the 100% expansion of wave 4, where wave 5 would equal wave 1, and 7/18 low.

Trading Strategy: Flat

LEVELS: 1.3020 1.3050/701.3094 | 1.3150 1.3166 1.3222

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