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EUR/USD Could Trade to 1.2860-1.3000 then Decline Again

EUR/USD Could Trade to 1.2860-1.3000 then Decline Again

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

EUR/USD Could Trade to 1.2860-1.3000 then Decline Again

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“1.2623 (January 2012 low) is a level to know for possible support and/or exhaustion that leads to a sharp multi-day advance (how dare I mention as much).” The rate slipped below 1.2570 on Tuesday but has rebounded to finish the day, month, and quarter, at 1.2625. The line that extends off of the 2011 and February 2013 highs is at about 1.2530 this week if the rate continues lower. The move is beyond extreme and this week (new month and quarter) is a good time for a relief rally to begin. Watch for capitulation after ECB as well.

--Tradingideas are availabletoJ.S. Trade Desk members.

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