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EUR/USD Just Ticks From a New 2013 High; MAJOR Trendline is Nearby

EUR/USD Just Ticks From a New 2013 High; MAJOR Trendline is Nearby

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly

eliottWaves_eur-usd_body_Picture_10.png, EUR/USD Just Ticks From a New 2013 High; MAJOR Trendline is Nearby

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-EURUSD is ticks from a year to date high (1.3832). It’s worth noting that the rate has advanced for 7 consecutive days. Such instances have marked tops in recent years.

-A new high would face the line that extends off of the 2008 and 2011 highs. The line is at 1.3915 this week. 1.3650 needs to give way in order to suggest that the trend is no longer up.

Trading Strategy: I want to go the other way (short)…but an objective setup is not yet present. Sit tight.

LEVELS: 1.3693 1.37201.3760 | 1.3832 1.3915 1.3969

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

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