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EURUSD Testing 4 Month Trendline Support

EURUSD Testing 4 Month Trendline Support

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_eur-usd_body_eurusd.png, EURUSD Testing 4 Month Trendline Support

Prepared by Jamie Saettele, CMT

I’ve focused on the short term pattern recently due to the 5 wave decline from the February top and 3 wave recovery from the 3/16 low. The implications from that 5-3 pattern remain for a break below 13003. In fact, failure at the 7 month trendline resistance reinforces the idea that the larger trend remains down. Currently testing the line that extends off of the January and March lows, a bounce encounters resistance at 13180-13210.

Bottom Line (next 5 days): lower

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