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EUR/USD Triangle Thrust into a Top Still an Option

By , Sr. Technical Strategist
25 February 2014 21:59 GMT

Daily

eliottWaves_eur-usd_body_Picture_10.png, EUR/USD Triangle Thrust into a Top Still an Option

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-EURUSD continues to hold the 2/11 high and line that extends off of the 2/6 and 2/12 lows. The rally from the 2/3 low is in 2 equal waves.

-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. Until then, a thrust higher from a triangle that ends above 1.3800 is possible.

LEVELS: 1.3593 1.36181.3697 | 1.3762 1.3813 1.3859

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

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25 February 2014 21:59 GMT