EUR/USD Downside Thrust Underway before Reversal
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 does the short term triangle objective at 1.3233 and 2 equal legs down from the May high at 1.3209. It’s important to note that moves from triangles are prone to sharp reversals.
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