EUR/USD Coiling for a Downside Thrust
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.”
-The origin of the diagonal at 1.3294 remains a target as do lower levels on a swing basis. Near term trend is lower below 1.3432 while the bigger picture breakdown is valid below 1.3550.
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