Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“After 9 days of choppy upside, many are probably giving up on the downside…so it’s probably about time for the next leg lower.” The market has responded.
-A day or 2 more of EURUSD chop may be in order before one can play for another leg lower. Estimated support is 1.3427. Estimated resistance is 1.3510.
Trading Strategy: Indications are that the larger trend has turned back down. I wrote Wednesday that “I am looking to short into 1.3470. The stop needs to be above 1.3580.” This could work but I’d prefer to wait for an attempt on 1.3510. Even then, the market would need to respond in a meaningful way before I can short. There are other opportunities right now. Why waste time here?
LEVELS: 1.3363 1.33991.3427 | 1.3470 1.3510 1.3546