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Jamie Saettele, CMT

EUR/USD Rams into Fibonacci Retracement


eliottWaves_eur-usd_1_body_eurusd.png, EUR/USD

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-EURUSD decline from the 8/20 high is in 5 waves. 5 waves denote the direction of the larger trend so it’s possible that a significant high is in place at 1.3451.

-Rally from Friday has retraced 61.8% (1.3319) of the decline from 1.3451. The next resistance area would be the 78.6% level at 1.3377 and 8/20 close at 1.3417.

-Near term upside momentum is waning (see hourly or 30 minute RSI).

Trading Strategy: 61.8% has held for 2 days now. Gut is to look lower towards 1.3222 or 1.3176 before another rally attempt.

LEVELS: 1.3176 1.32221.3255 | 1.3377 1.3417 1.3451

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