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EUR/USD Dips Ahead of Trendline Confluence

EUR/USD Dips Ahead of Trendline Confluence

2014-02-12 22:27:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_eur-usd_body_Picture_10.png, EUR/USD Dips Ahead of Trendline Confluence

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-EURUSD found a top just shy of a trendline confluence. The market is in a range (within a range within a range). Support is estimated at 1.3527/55 and resistance is seen at 1.3637 now. Stronger resistance is probably 1.3745.

-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 BUT the failed breakdown in late January / early February hints at a bottoming process. Play the range.

LEVELS: 1.3480 1.35271.3576 | 1.3637 1.3672 1.3699

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

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