U.S. Markets open in 1 hr 1 min

EUR/USD Recent High is Support at 1.3905

Jamie Saettele, CMT


EUR/USD Recent High is Support at 1.3905

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-It is possible that an ending diagonal is underway from the November low. If that plays out, then the market will trade above 1.3966 (and most likely above 1.4000) before topping. As is the case with all USD crosses, a larger breakdown isn’t out of the question at this point and I’m not keen on fighting USD weakness until Friday at the earliest. Even then, there would have to be evidence of a top (in this case…a push above 1.4000 and strong reversal).

-1.3905 is support…look higher as long as price is above 1.3960.

LEVELS: 1.3864 1.38821.3905 | 1.3966 1.4020 1.4074

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

original source

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.