EUR/USD Trades into Monday Range and Bounces
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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FOREXAnalysis: Keep high volume areas of 1.3242 and 1.3294 (post FOMC close) in mind but 1.3205 is viewed as a tradeable high. The USDCHF drop below its 7/11 low creates divergence with the EURUSD, which is in place as long as price is EURUSD is below the 7/11 high. It’s also possible that a flat correction is complete from the 7/11 low.
FOREX Trading Strategy: Was triggered short on Wednesday at 1.3174. Stop is 1.3210. Target is 1.2930. If stopped out, then will be looking for a top near 1.3270/90.
LEVELS: 1.2921 1.2992 1.3062 1.3148 1.31741.3205