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EUR/USD Respecting Bullish Slope Lines

EUR/USD Respecting Bullish Slope Lines

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

EUR/USD Respecting Bullish Slope Lines

Chart Prepared by Jamie Saettele, CMT

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 in mid-May. The turn higher comes from the 61.8% retracement (or close to it…the Fibo is 1.0845) of the advance from the March low piques interest in a broader bullish scenario. 1.18+ isn’t out of the question over the next several weeks.

For more analysis and trade setups (exact entry and exit), visit SB Trade Desk

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

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