EUR/USD Top is Possible but Below 1.3504 Needed to Confirm

DailyFX

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eliottWaves_eur-usd_1_body_eurusd.png, EUR/USD Top is Possible but Below 1.3504 Needed to Confirm

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-EURUSD traded to 1.3645 last week. 1.3640 is the year to date high close (2/1 close). Such an important level may inspire a more important reaction (for example, see GBPUSD from 1.6252).

-The next levels of interest are 1.3674 (100% expansion of 9/19-9/25 range) and then the year to date high at 1.3711. Channel resistance is at about 1.3743 on Wednesday.

Trading Strategy: Below 1.3504 (10/2 low) would suggest that a deeper decline is underway, perhaps for the rest of the month. Former resistance would become of interest at 1.3450, followed by 1.3324 and the 9/13 close at 1.3296.

LEVELS: 1.3450/60 1.35041.3538 | 1.3604 1.3618 1.3645

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