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DailyFX Home / Forex Technical Analysis / Daily Technical Analysis

DailyFX Technical Focus: 3/3/2015

By , Sr. Technical Strategist

03 March 2015 21:22 GMT

  • USDCAD triangle but 1.2564 determines near term direction
  • Elliott wave possibility
  • Technicals

Elliott Wave Bias Table

Symbol S3 S2 S1 R1 R2 R3 Chart Links

EUR/USD Eases into 1.1150; Near Term Momentum Slows


EUR/USD Eases into 1.1150; Near Term Momentum Slows

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 2005 low at 1.1640 and now trades at its lowest since November 2003. Price is also below the line that extends off of the June and October lows, which exhibits extremely negative slope. The November 2003 low is at 1.1377 and the 61.8% retracement of the 2000-2008 rally is at 1.1211. The crowded nature of the trade will fuel a countertrend move, which will probably be more violent than most imagine possible. Keep the mentioned levels in mind as ones that could trigger the move.”

-“1.1165/85 is support and 1.1250 (thereabouts) is estimated resistance.” EURUSD has remained within the estimated range since Thursday with a low of 1.1154 and high of 1.1244. Bigger picture, the parallel that extends from the 1/21 high determines direction.