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EUR/USD Trades into Line off of November and February Lows

EUR/USD Trades into Line off of November and February Lows

2014-05-13 19:47:00
Jamie Saettele, CMT, Sr. Technical Strategist
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EUR/USD Trades into Line off of November and February Lows

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 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.

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