EUR/USD Rams into Fibonacci Retracement
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader
-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