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  • $USD straight shot up to that next level of resistance. 93.42 was the Q1 swing high. Next major level up is the 21 high at 93.73 https://t.co/h3NjcpmSPW https://t.co/ewcgoptFVG
  • Cryptocurrencies also conforming to the pullback in risk appetite - testing near term support at 3020 (El Salvador crash low) - 2890 = May 26/June 4th highs https://t.co/DeQkqF9YQ3
  • $SPX futes starting the week on a down note testing support from the Aug 26th low. Fed is in a blackout window, announcement on Wednesday. $ES $SPY https://t.co/W0dqFzrsbm https://t.co/5kXWFBJvLk
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  • - It is the end date which signals that the conditions for an increase in policy rates are getting closer, the precise sequencing and timing will, of course, require careful guidance when the time has come $EUR
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Euro Patterns Uniformly Bearish

Euro Patterns Uniformly Bearish

Jamie Saettele, CMT, Sr. Technical Strategist

FXCM Expo Videos

Innovative Techniques with Traditional Technical Indicators

Trading with the Elliott Wave Principle

Seeing the Forest from the Trees: An Analysis of Global Markets

Afternoon Technicals (all charts)

Other TA (crosses, COT, etc.)

Morning Notes:

I want to concentrate on the euro given the test of resistance in the EURUSD.

EURUSD – The EURUSD is nearing the 13212/50 resistance zone. If it overshoots, then 13300 might even be a possibility. I do like fading strength above 13212 with a stop at 13385. This feels like the ‘last gasp’, a trap, etc.

Euro_Patterns_Uniformly_Bearish_body_eurusd.png, Euro Patterns Uniformly Bearish

Prepared by Jamie Saettele, CMT

EURNZD – The EURNZD is uniformly bearish. Testing resistance from the 3/6 high, bearish continuation in April is favored as long as price is below 16307.

Euro_Patterns_Uniformly_Bearish_body_eurnzd.png, Euro Patterns Uniformly Bearish

Prepared by Jamie Saettele, CMT

EURNZD – 5 waves down and 3 waves up from the March high. It doesn’t get much more bearish than this.

Euro_Patterns_Uniformly_Bearish_body_eurnzd_1.png, Euro Patterns Uniformly Bearish

Prepared by Jamie Saettele, CMT

EURCAD – Either a triangle is complete or will complete next week above 13176. The trend is bearish below 13329. A breakout from the bearish triangle would target the mid 12000s.

Euro_Patterns_Uniformly_Bearish_body_eurcad.png, Euro Patterns Uniformly Bearish

To contact Jamie e-mail jsaettele@dailyfx.com. Follow me on Twitter @JamieSaettele

To be added to Jamie’s e-mail distribution list, send an e-mail with subject line "Distribution List" to jsaettele@dailyfx.com

Jamie is the author of Sentiment in the Forex Market.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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