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EUR/USD Responds to 1.3550 Support ahead of NFP

EUR/USD Responds to 1.3550 Support ahead of NFP

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_eur-usd_1_body_Picture_10.png, EUR/USD Responds to 1.3550 Support ahead of NFP

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 impulsive and price has rebounded from support (1.3547 is the 11/6 high) in what may be the beginning of a minor advance. Expect strength to prove corrective and fail. 1.3745 is of particular interest as resistance.

Trading Bias: Flat

LEVELS: 1.3440 1.34901.3547 | 1.3656 1.3715 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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