EUR/USD

DailyFX

EUR/USD Inching Towards the Important 1.3450

Daily

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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 is nearing possible support from 1.3450. 1.3450 is the close 15 minutes after last Wednesday’s Fed announcement as well as the August high. Watch the 10 day average for support as well. Weakness below 1.3372 (pre-Fed level) would be a bearish development.

-Watch the channel for resistance, specifically 1.3640 (2/1 close).

Trading Strategy: 1.3450 may offer support for an extended advance into month end but I’ll need to see what the market looks like if indeed a drop to that level unfolds.

LEVELS: 1.3337 1.33851.3450 | 1.3518 1.3568 1.3643

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