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EUR/USD Breakout; Former Resistance is Support at 1.3813

By , Sr. Technical Strategist
06 March 2014 21:47 GMT

Daily

eliottWaves_eur-usd_body_Picture_10.png, EUR/USD Breakout; Former Resistance is Support at 1.3813

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-The EURUSD has broken out of the 5 month triangle (using daily closing prices). Today’s low is the new pivot. As long as price is above that low (1.3720), focus is on the triangle target of 1.4368. The October 2011 high at 1.4247 is a possible reaction level.

-Former resistance is now estimated support at 1.3813.

LEVELS: 1.3748 1.37811.3813 | 1.3893 1.4000 1.4160

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

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06 March 2014 21:47 GMT