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DailyFX Home / Forex Technical Analysis / Daily Technical Analysis

DailyFX Technical Focus: 12/16/2014

By , Sr. Technical Strategist

16 December 2014 18:45 GMT


  • USDOLLAR update to pattern (still following Oct)
  • Watch short term trendline for clues
  • Technicals

Elliott Wave Bias Table

Symbol S3 S2 S1 R1 R2 R3 Chart Links

EUR/USD Breaks above December Opening Range High

Daily

EUR/USD Breaks above December Opening Range High

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“5 waves down from the May high, EURUSD could make it back to 1.2886 (former 4th wave) but the downside is favored as long as below 1.2600.”

-“Recent developments suggest that the downtrend is at least weakening if not reversing. The slope that had influenced prices for the entirety of the downtrend (at highs and lows) failed to do so last night. Establishing over 1.2500 would set the stage for a run higher.” Look higher.

--Tradingideas are availabletoJ.S. Trade Desk members.

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