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EUR/USD Inside Day on Trendline

EUR/USD Inside Day on Trendline

Jamie Saettele, CMT, Sr. Technical Strategist


EUR/USD Inside Day on Trendline

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-The sharp EURUSD reversal supports the long discussed 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.