Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: The EURUSD remains within the range that has held for most of April and all of May. Recent comments remain valid – “The decline from 1.3242 is in 5 waves which suggests that the break will be lower. I’m not going to pretend that I know with certainty which way the break will be however. I don’t see much to do here. Keep the big picture in mind.” The momentum associated with Thursday’s decline is consistent with the beginning of something more sinister on the downside but plenty of options remain from a pattern standpoint as long as price is within the range. 1.3050/80 is resistance.
FOREX Trading Strategy: Shorting into 1.3050/80 could work but the stop would need to be 1.3200, there are better opportunities.
LEVELS: 1.2877 1.2934 1.3009 1.3071 1.31141.3142