Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader
-EURUSD found support (again) from the line that connects previous range tops (June and August highs). This line was support in late September as well.
-Still, a deeper correction is possible as long as price is below Monday’s high (1.3597). The decline from the top would consist of 2 equal legs at 1.3436. This level intersects the downward sloping corrective channel on Friday.
Trading Strategy: Many are noting a possible head and shoulders top. A close beneath 1.3460 would be needed to confirm this pattern. Even if that happens, expect support at the mentioned 1.3436 and/or channel.
LEVELS: 1.3415 1.34501.3488 | 1.3567 1.3597 1.3618