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EUR/USD 1.3750 is a Reaction Level

EUR/USD 1.3750 is a Reaction Level

2014-07-01 20:08:00
Jamie Saettele, CMT, Sr. Technical Strategist
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EUR/USD 1.3750 is a Reaction Level

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-The rally above 1.3676 opens up the well-defined 1.3750 level. 1.3748 is the 50% retracement of the decline from the top as well as the close of the week that ended 5/9 (week of the top). Other levels to note as resistance are 1.3805 (61.8%) and 1.3840 (5/8 close…day of the top).

-Longer term implications from the ending diagonal that broke in May are bearish towards at least 1.3294 but below 1.3609 is needed to break the near term uptrend.

LEVELS: 1.3609 1.36401.3668 | 1.3723 1.3758 1.3805

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

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