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EUR/USD Reverses after Dip Under Trendline and Former Low

EUR/USD Reverses after Dip Under Trendline and Former Low

2014-05-15 17:46:00
Jamie Saettele, CMT, Sr. Technical Strategist
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EUR/USD Reverses after Dip Under Trendline and Former Low

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.

-Today’s reversal following the dip under 1.3672 gives scope to a rally attempt. 1.3810+- is resistance.

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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