News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
EUR/USD Levels are Well-Defined for post-ECB Trading

EUR/USD Levels are Well-Defined for post-ECB Trading

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_eur-usd_body_eurusd.png, EUR/USD Levels are Well-Defined for post-ECB Trading

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-The failed break above the February high could be a false breakout (bull trap). We’ve seen this before. In fact, it has happened in November 2009 and May 2011. See Friday’s report for more.

-Price is holding trendline support along with the August high. A drop Monday’s low would expose the June high at 1.3415. 1.3520/60 pushed back bulls on Wednesday but a move into 1.3650 could take place as part of a larger topping process.

Trading Strategy: The market awaits ECB. A bearish stance is not warranted with the market responding to support (trendline, Aug high, Oct low) and the USDCHF divergence in place. Longs here risk getting picked off under Monday’s low. There is no need to force something that isn’t there. As always with news, pay attention to price levels (below).

LEVELS: 1.3415 1.34401.3480 | 1.3566 1.3600 1.3650

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