U.S. Markets closed


Jamie Saettele, CMT

EUR/USD Inching Towards the Important 1.3450


eliottWaves_eur-usd_1_body_eurusd.png, EUR/USD

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-EURUSD is nearing possible support from 1.3450. 1.3450 is the close 15 minutes after last Wednesday’s Fed announcement as well as the August high. Watch the 10 day average for support as well. Weakness below 1.3372 (pre-Fed level) would be a bearish development.

-Watch the channel for resistance, specifically 1.3640 (2/1 close).

Trading Strategy: 1.3450 may offer support for an extended advance into month end but I’ll need to see what the market looks like if indeed a drop to that level unfolds.

LEVELS: 1.3337 1.33851.3450 | 1.3518 1.3568 1.3643

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.