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EUR/USD Could See Support Near 1.11

EUR/USD Could See Support Near 1.11

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

EUR/USD Could See Support Near 1.11

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“EURUSD has taken out the final parallel from the line that connects the Oct and Jun 2014 lows. At the same time, 1.1450 (resistance in Feb) and 1.1533 (Feb high) could influence for a pullback. The latter level is intersects with uptrend resistance over the next several days.”

-EURUSD made high at 1.1466 on Friday. In just 2 days this week, the rate has erased all of last week’s gains. 1.11 is well-defined (former long term slope resistance, new bullish parallel, and Jan low) and could provide support now. Failure to do so would close the book on anything bullish near term.

For more analysis and trade setups, visit SB Trade Desk

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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