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EUR/USD Consolidates Just Below 5 Year Trendline

EUR/USD Consolidates Just Below 5 Year Trendline

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_eur-usd_body_eurusd.png, EUR/USD Consolidates Just Below 5 Year Trendline

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-EURUSD is testing the channel that originates from the July as well as the July 2011 low (1.3837) and 61.8% of the decline from the 2011 high (1.3833). The measured move from the recently broken 1.3645-1.3461 range is 1.3829 (1.3645 + 1.3645-1.3461).

-The line that extends off of the 2008 and 2011 highs is at about 1.3965 this week and in line with the May 2011 low at 1.3968.

-Former highs at 1.3711 (Feb high) and 1.3645 (10/3) are estimated supports.

Trading Strategy: Trading EURNZD – looking for a long entry at recently broken resistance (and now estimated support) at 1.6515. A EURUSD dip into 1.3710 might present a long opportunity as well.

LEVELS: 1.3645 1.37111.3757 | 1.3832 1.3900 1.3970

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