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DailyFX Home / Forex Technical Analysis / Daily Technical Analysis

USDCAD Technical Focus: 4/21/2015

By , Sr. Technical Strategist

21 April 2015 18:48 GMT


Elliott Wave Bias Table

Symbol S3 S2 S1 R1 R2 R3 Chart Links

EUR/USD Nears Bull/Bear Line; Implications are Significant

Daily

EUR/USD Nears Bull/Bear Line; Implications are Significant

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-EURUSD rolled over at slope resistance but several longer term technical observations are worthy of note; the rate found low at an important long term level (line off of 2008 and 2010 lows) and the ownership profile (as per COT) is at a record. The speculative crowd has never been more bearish…ever. Such conditions typically precede important reversals…although not necessarily right away. A break above the resistance line (old support) would indicate that behavior has changed and that EURUSD is headed towards 1.1270. In the meantime, levels of interest from a trading perspective are 1.0566, 1.0735, and 1.0883.

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