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EUR/USD Reversal Rips Through Trendline

EUR/USD Reversal Rips Through Trendline

Jamie Saettele, CMT, Sr. Technical Strategist

DailyBars

eliottWaves_eur-usd_body_eurusd.png, EUR/USD Reversal Rips Through Trendline

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

FOREXAnalysis: We got the reversal we’ve been waiting for. The EURUSD made a new low (barely) and then rallied nearly 200 pips, breaking through the trendline that defines the decline from above 1.3700 in the process. The top side of that line is now support (at about 1.2885 on Friday). Bulls still need to take out the expanding diagonal resistance line and former support from the early March lows but the momentum from this move suggests that shouldn’t be a problem. Expect the next few days to complete an impulsive rally (1.3047 is of particular interest) off of the low before the first decent pullback materializes.

FOREX Trading Strategy: Want to be long now but the ‘safer’ trade probably comes after completion of the impulsive rally from the low and subsequent pullback.

LEVELS: 1.2660 1.2744 1.28801.3047 1.31331.3227

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

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