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EUR/USD Dips Close to 200 DMA; Bend but Doesn’t Break

EUR/USD Dips Close to 200 DMA; Bend but Doesn’t Break

2014-05-21 20:33:00
Jamie Saettele, CMT, Sr. Technical Strategist
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EUR/USD Dips Close to 200 DMA; Bend but Doesn’t Break

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.

-Wednesday’s reversal near the 200 DMA gives scope to a rally attempt. 1.3758+- is (still) resistance.

LEVELS: 1.3610 1.36501.3668 | 1.3717 1.3758 1.3774

--Trading specifics (setups with entries, stops, targets) are availabletoJ.S. Trade Desk members.

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