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DailyFX Home / Forex Technical Analysis / Daily Technical Analysis

DailyFX Technical Focus: 4/17/2014

By , Sr. Technical Strategist

17 April 2014 21:01 GMT

Jamie is founder of J.S. Trade Desk.

Elliott Wave Bias Table

Symbol S3 S2 S1 R1 R2 R3 Chart Links

EUR/USD Rally Fails before Friday’s Close


eliottWaves_eur-usd_body_Picture_10.png, EUR/USD Rally Fails before Friday’s Close

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-EURUSD was never able to drop under 1.3642, finding low after NFP at 1.3672. Momentum wise, I am looking for a top. RSI at each top since December has been below 70. This weak momentum profile is not suggestive of a strong bull.

-The uncovered close at 1.3884 is now resistance but the failed rallies of Wednesday and Tuesday warn of something sinister on the downside. A break below 1.3750 would give scope to a breakdown towards 1.3476.

LEVELS: 1.3701 1.37531.3784 | 1.3845 1.3884 1.3909

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

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