EUR/USD

DailyFX

EUR/USD Follows Through on Reversal Day; Selling on Strength

Hourly

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eliottWaves_eur-usd_body_eurusd.png, EUR/USD

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: “Evidence of a more important top is seen by Wednesday’s JS Spike (key reversal + volatility conditions). The last such setup was on 4/4, which proved to be an important low.” The EURUSD has retraced the entire rally from 1.3177. A corrective recovery is probably underway from 1.3160. The best area for the advance to end is 1.3261/72. 1.3261 is the post FOMC low. 13271 is 2 equal legs from Thursday’s low and 1.3272 is the post FOMC hourly close.

FOREX Trading Strategy: Price could continue lower from here but 1.3270 is a great level to sell if we get it. Order to short 1.3270 with a 1.3420 stop.

LEVELS: 1.3064/80 1.3115 1.3159 1.3245 1.32721.3293

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