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EUR/USD Rallies from Trendline; Possible Resistance Remains 1.3750

EUR/USD Rallies from Trendline; Possible Resistance Remains 1.3750

2013-12-23 17:43:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Hourly

eliottWaves_eur-usd_1_body_Picture_10.png, EUR/USD Rallies from Trendline; Possible Resistance Remains 1.3750

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-The EURUSD formed a triangle pattern prior to FOMC. Comments before FOMC were “triangles sometimes form before a final ‘blow-off’. In this case, a triangle measurement is 1.3915, which is in line with the long term trendline.” The triangle played out although the ‘thrust’ was especially weak. Price didn’t even make a YTD high. The weak ‘thrust’ may signal a weak market going forward.

-An outside day reversal unfolded on Wednesday (price actually engulfs the prior 7 days).

-The rate has rallied from trendline support. Estimated resistance is now 1.3755.

Trading Strategy: Shorts at 1.3750 could work, but I’d rather be flat heading into a new year. Remember though, the Oct high may still prove significant.

LEVELS: 1.3525 1.36211.3670 | 1.3755 1.3832 1.3900

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