Daily
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.”
-A zone of possible congestion is defined by the 2011 and 2013 lows from 1.2744 to 1.2873. Momentum is extreme, which raises the risk of a sharp ‘snapback’ before additional selling.
--Tradingideas are availabletoJ.S. Trade Desk members.
