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EUR/USD Trendline Proves Worth; Move Finally Coming?

EUR/USD Trendline Proves Worth; Move Finally Coming?

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

EUR/USD Trendline Proves Worth; Move Finally Coming?

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 April 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 (or bull at all for that matter).

-The uncovered close at 1.3884 is now resistance but the failed rallies may warn of something sinister on the downside. A break below 1.3750 would give scope to a breakdown towards 1.3476.

LEVELS: 1.3753 1.37741.3804 | 1.3829 1.3850 1.3884

--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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