EUR/USD Dip Likely Part of a Topping Process

DailyFX

Daily

View photo

.
eliottWaves_eur-usd_body_Picture_10.png, EUR/USD Dip Likely Part of a Topping Process

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-EURUSD made a slight new high before finishing the day near the middle of Tuesday’s range. The rally from the 2/3 low is in 2 equal waves and Wednesday’s key reversal at least offers a level to trade against.

-Former highs at 1.3811 to 1.3831 and the line that extends off of the 2008, 2011 and December highs remain of interest as a reversal zone if reached. Trade below 1.3680 (not a spike) would suggest that a top is in for a drop into 1.3500s.

LEVELS: 1.3618 1.36821.3723 | 1.3768 1.3813 1.3859

--Trading specifics (setups with entries, stops, targets) are availabletoJ.S. Trade Desk members.

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.

View Comments (0)