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EUR/USD Snaps Back after Trading Just Shy of 1.3600

EUR/USD Snaps Back after Trading Just Shy of 1.3600

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_eur-usd_1_body_eurusd.png, EUR/USD Snaps Back after Trading Just Shy of 1.3600

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-EURUSD traded above its narrow range before closing near the day’s low. It’s possible that the rally and reversal completes a terminal thrust from a triangle.

-In the event of a move higher, watch for resistance from 1.3640 (2/1 close) and 1.3674 (measured move).

-COT indicates that sentiment may be extreme among bulls.

Trading Strategy: Need to see impulsive weakness before I can short. Until then, it’s like holding a beach ball under water.

LEVELS: 1.3385 1.34301.3461 | 1.3563 1.3600 1.3640

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