EUR/USD: Small Correction Possible
Carol Harmer | Sep 23, 2013 02:36AM ET
The euro has gone sideways now for virtually 2 days and we are still holding above 1.3500. However, the 60 minute charts are still looking like they have made a small top so we could be in for some correction this session. However, this all depends on if the market can make a break below 1.3500.
If we hold 1.3500 then 1.3550 to 1.3570 would be the top. 1.3465/35 would be the retracement target.
Sell into rallies in this 1.3550/70 area, keeping stops above 1.3600. If we break 1.3600, only then would buyers come back into the market and they would be looking for further strength to follow with 1.3665/80 then targeted.
Cover shorts in the 1.3465/35 area. If we lose 1.3425, expect further weakness to follow. We would then be looking at 1.3400/1.3390 to entice prices lower.
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