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FOREX Technical Analysis: EUR/USD Testing 19 Month Trendline Resistance

FOREX Technical Analysis: EUR/USD Testing 19 Month Trendline Resistance

Jamie Saettele, CMT, Sr. Technical Strategist


FOREX_Technical_Analysis_EURUSD_Testing_19_Month_Trendline_Resistance_body_eurusd.png, FOREX Technical Analysis: EUR/USD Testing 19 Month Trendline Resistance

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: The EURUSD has traded higher following Friday’s reversal evidence (price closing at the lows). Now testing the trendline that extends off of the May and September 2011 highs, price did respond to the 10/5 high at 13070. There is not enough evidence to trade from the short side in my opinion but that doesn’t mean that the EURUSD isn’t at a ‘high risk’ zone for bulls. The final level of potential resistance would be 13115. The trendline that extends off of the September and October highs is at about 13090 on Tuesday.

FOREX Trading Strategy: I wrote last week that “I prefer to trade from the short side but near term pattern lacks clarity for a bearish entry. In other words, it’s unclear if the market has topped or is in the process of registering a top at higher levels (13070?).” We are at 13070 but the picture isn’t any clearer. I’m still standing aside.

LEVELS: 12944 12689 13019130801311513172

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