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EUR/USD Dip Likely Part of a Topping Process

EUR/USD Dip Likely Part of a Topping Process

2014-02-19 21:59:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_eur-usd_body_Picture_10.png, EUR/USD Dip Likely Part of a Topping Process

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-EURUSD made a slight new high before finishing the day near the middle of Tuesday’s range. The rally from the 2/3 low is in 2 equal waves and Wednesday’s key reversal at least offers a level to trade against.

-Former highs at 1.3811 to 1.3831 and the line that extends off of the 2008, 2011 and December highs remain of interest as a reversal zone if reached. Trade below 1.3680 (not a spike) would suggest that a top is in for a drop into 1.3500s.

LEVELS: 1.3618 1.36821.3723 | 1.3768 1.3813 1.3859

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

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