EUR/USD Trades at Major Trendline
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“EURUSD never made it to the well-defined 1.3750 area (50% retracement of the decline from the top as well as the close of the week that ended 5/9 (week of the top)). If 1.3700 is an important top then 1.3640/50 should serve as resistance.” EURUSD found high at 1.3650 and is nearing 1 month lows. The rate is at a short term channel and long term trendline support. It’s decision time but the market is pressured below 1.3640.
-Longer term implications from May’s outside month remain bearish and consistent with a long term trend change. A 1.3512 break is needed to usher in the big bad bear.
LEVELS: 1.3399 1.34761.3512 | 1.3550 1.3601 1.3650
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