EUR/USD Trades into Line off of November and February Lows
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-EURUSD made a new high and the sharp reversal supports the ending diagonal (wedge) interpretation. Diagonals are often fully retraced (sometimes quickly), which yields a target of 1.3294.
-The current level (trendline) could inspire a reaction and see EURUSD play trendline ping pong although I’ll also watch for EURUSD to dip below 1.3672 while USDCHF stays below .8952 to trigger a market divergence turn.
LEVELS: 1.3610 1.36421.3672 | 1.3745 1.3774 1.3810
--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.