EUR/USD Trades into Upward Sloping Channel Resistance
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-EURUSD is pressing against channel resistance. The presence of this level doesn’t mean much. Rather, how the market trades at this level may offer clues regarding the next move.
-A new high would (above Oct high) would face the line that extends off of the 2008 and 2011 highs at slightly above 1.3900. Former resistance at 1.3620 held as support on Friday. 1.3510 is still the level that price would need to break in order for the trend to no longer be considered up.
Trading Strategy: 1.3800 is estimated resistance and 1.3700 is estimated support. EURNZD may be setting up.
LEVELS: 1.3621 1.36601.3695 | 1.3740 1.3801 1.3831