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Jamie Saettele, CMT, Sr. Technical Strategist

EUR/USD Getting Frothy; Big Trendline Near 1.3450


eliottWaves_eur-usd_body_eurusd.png, EUR/USD

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The EURUSD closed above the 2/25 high of 1.3318 but just below the 61.8% of the decline from 1.3711 at 1.3341. Decent selling pressure during the European session on Wednesday may have been the ‘false start’ on the downside that is common at tops. There are levels just overhead that could produce a sharp reversal…the 2/7 close at 1.3396, 2/20 high at 1.3433, and the trendline that extends off of the 2011 and 2013 highs (a little over 1.3450 for the rest of the week).

FOREX Trading Strategy: Shorting here risks a run into mentioned levels (above 1.3400). This is a high risk area to be bullish but not enough evidence to be bearish.

LEVELS: 1.3177 1.3245 1.3285 1.3396 1.34331.3485

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