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EUR/USD Rebounds after Testing 2011 Low

EUR/USD Rebounds after Testing 2011 Low

2014-09-09 21:49:00
Jamie Saettele, CMT, Sr. Technical Strategist
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EUR/USD Rebounds after Testing 2011 Low

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.

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