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EUR/USD Trading Weak with 200 DMA Just Below

By , Sr. Technical Strategist
22 May 2014 21:17 GMT

Daily

EUR/USD Trading Weak with 200 DMA Just Below

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-The sharp EURUSD reversal supports the long discussed ending diagonal (wedge) interpretation. Diagonals are often fully retraced (sometimes quickly), which yields a target of 1.3294.

-There is a lot to break through at these levels. The 200 day average, October high and 2/27 low continue to hold up but 2 reversal attempts since 5/15 have failed. As such, beware a flush into 1.3560/90.

LEVELS: 1.3560 1.35901.3630 | 1.3717 1.3758 1.3774

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

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22 May 2014 21:17 GMT