EUR/USD Trades Higher…Then Lower; Wash, Rinse, Repeat
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-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.
-The uncovered close at 1.3884 is now resistance but the failed rallies last week warn of something sinister on the downside. A break below 1.3750 would give scope to a breakdown towards 1.3476.
LEVELS: 1.3701 1.37531.3784 | 1.3845 1.3884 1.3909
--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.