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DailyFX Home / Forex Technical Analysis / Daily Technical Analysis

DailyFX Technical Focus: 5/21/2015

By , Sr. Technical Strategist

21 May 2015 20:55 GMT


Elliott Wave Bias Table

Symbol S3 S2 S1 R1 R2 R3 Chart Links

EUR/USD Trading Around 1.1100 Support

Daily

EUR/USD Trading Around 1.1100 Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“EURUSD has taken out the final parallel from the line that connects the Oct and Jun 2014 lows. At the same time, 1.1450 (resistance in Feb) and 1.1533 (Feb high) could influence for a pullback. The latter level is intersects with uptrend resistance over the next several days.”

-“EURUSD made high at 1.1466 on Friday. In just 2 days this week, the rate has erased all of last week’s gains. 1.11 is well-defined (former long term slope resistance, new bullish parallel, and Jan low) and could provide support now.” EURUSD is (more or less) holding 1.1100. The rate could base down here for another move higher.

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