Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: Wrote yesterday that “focus on the short term upward sloping channel and 1.3128 (4/19 high and where the rally from 1.2954 would consist of 2 equal legs). What happens at that level (break or reversal) will determine near term direction.” Price blew right through the level this morning and traded slightly above the close of the high day this month at 1.3175. Obvious levels of interest at this point include the 50% retracement of the decline from above 1.3700 at 1.3227. From a pattern perspective, everything since the 4/16 high is choppy and there are too many possible outcomes to take a stand.
FOREX Trading Strategy: Flat
LEVELS: 1.3014 1.3054 1.3134 1.3201 1.32271.3318