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EUR/USD Trades into Upward Sloping Channel Resistance

EUR/USD Trades into Upward Sloping Channel Resistance

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_eur-usd_body_Picture_10.png, EUR/USD Trades into Upward Sloping Channel Resistance

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-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

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