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EUR/USD Reverses from 5+ Year Trendline; Looking for Lower High

EUR/USD Reverses from 5+ Year Trendline; Looking for Lower High

2014-01-07 22:35:00
Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_eur-usd_1_body_Picture_10.png, EUR/USD Reverses from 5+ Year Trendline; Looking for Lower High

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-On 12/27, EURUSD traded into the line that extends off of the 2008 and 2011 highs and reversed. On 1/2, price broke below the line that extends off of the 11/7 and 11/21 lows.

-The decline is unfolding in an impulsive manner (5 waves). It’s unclear whether or not the decline is in 5 waves or whether one more low will register before a rally attempt. Either way, look for a rally (whether already underway or from closer to 1.3490) to prove corrective and fail. 1.3745 is of particular interest as resistance.

Trading Bias: Flat

LEVELS: 1.3490 1.35471.3585 | 1.3642 1.3676 1.3744

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

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