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  • Cable is back off last Friday’s lows and looks to have set-up short-term support just above 1.2200. Get your $GBPUSD market update from @nickcawley1 here: https://t.co/R6mtP38uQs https://t.co/UdWHjhOeFS
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EUR/USD Sitting on Trendline Support ahead of CPI

EUR/USD Sitting on Trendline Support ahead of CPI

2014-01-15 23:50:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily

eliottWaves_eur-usd_1_body_Picture_10.png, EUR/USD Sitting on Trendline Support ahead of CPI

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-EURUSD is testing support from the line that extends off of the July, November, and early January highs. A break would open up the December low at 1.3524 and August high/November 21 low at 1.3399-1.3451.

-As long as price is holding the line, a bearish call is premature as upward pressure remains possible towards the mid-1.3700s. There is an opportunity now in USDMXN.

LEVELS: 1.3451 1.35241.3566 | 1.3642 1.3678 1.3744

--Trading specifics (setups with entries, stops, targets) are availabletoJ.S. Trade Desk members.

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

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