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EUR/USD September 2013 Low at 1.3104, 50% Retracement at 1.3020

EUR/USD September 2013 Low at 1.3104, 50% Retracement at 1.3020

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

EUR/USD September 2013 Low at 1.3104, 50% Retracement at 1.3020

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“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 EURUSD has met the short term triangle objective as well as equal legs down from the May high at 1.3209. Near term momentum is waning so look for a turn higher soon. The character of the advance should offer insight regarding the near term path. Longer term bearish objectives are just above 1.30 (includes the 50% retracement of the advance from the 2012 low at 1.3020).

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