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.
-A large range key reversal unfolded on Friday and price exhibited follow through on Monday.
-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.
Trading Strategy: Never got the dip we were looking for to get long. Monitor for swing short setup from from 1.3377-1.3417.
LEVELS: 1.3180 1.32301.3280 | 1.3377 1.3417 1.3451