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EUR/USD Trendline Confluence is Possible Resistance Near 1.3700

EUR/USD Trendline Confluence is Possible Resistance Near 1.3700

2014-02-10 20:34:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_eur-usd_1_body_Picture_10.png, EUR/USD Trendline Confluence is Possible Resistance Near 1.3700

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-EURUSD is a mess near term. Resistance is estimated at about 1.3660bear term but is probably from the 1/14 high at 1.3700. A trendline confluence rests just below 1.3700 over the next few days too. Support is estimated at 1.3527/55.

-Bigger picture, the response in late December from the trendline that extends off of the 2008 and 2011 highs does suggest that the market may have made an important top.

LEVELS: 1.3527 1.35551.3592 | 1.3699 1.3745 1.3810

--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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