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EUR/USD 1.3722 is Important to Near Term Downtrend

EUR/USD 1.3722 is Important to Near Term Downtrend

2014-06-02 19:13:00
Jamie Saettele, CMT, Sr. Technical Strategist
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EUR/USD 1.3722 is Important to Near Term Downtrend

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.

-I mentioned previously to “beware a flush into 1.3560/90.” EURUSD has traded into the top of this zone and could bounce from here but note that the daily trend is lower below 1.3722.

LEVELS: 1.3482 1.35601.3590 | 1.3633 1.3672/85 1.3704

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

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