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Euro Forecast: EUR/USD Price May Head Lower Ahead of German Election
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EUR/USD Uncovered Close is Possible Resistance at 1.3884

EUR/USD Uncovered Close is Possible Resistance at 1.3884

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_eur-usd_body_Picture_10.png, EUR/USD Uncovered Close is Possible Resistance at 1.3884

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-EURUSD was never able to drop under 1.3642, finding low after NFP at 1.3672. Momentum wise, I am looking for a top. RSI at each top since December has been below 70. This weak momentum profile is not suggestive of a strong bull.

-A reaction level before the high is 1.3909 although the uncovered close at 1.3884 now also becomes resistance.

LEVELS: 1.3701 1.37531.3784 | 1.3884 1.3909 1.3942

--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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