Chart Prepared by Jamie Saettele, CMT
FOREXAnalysis: “I don’t often highlight the 50% retracement but in the case it’s instructive to do so because the 16065 is reinforced by the 161.8% extension of the 15826-15936 rally at 16059 and the 10/3 low at 16066; a holy trinity of resistance if you will. This confluence is just above the obvious 11/7 high (16042). Obvious levels are loaded with stops but also popular exhaustion areas.”
FOREX Trading Strategy: Like the EURUSD, I’d like to be short but higher levels may be registered before the turn lower. Watch the mentioned 16065 like a hawk, which is now also reinforced by trendline resistance. I remain of the mind that the EURUSD is a better short than the GBPUSD however.
LEVELS: 15918 15961 16002 16065 16090 16125