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EUR/USD Rally Stalls at Former Support Turned Resistance (Again)

EUR/USD Rally Stalls at Former Support Turned Resistance (Again)

2016-05-03 19:54:00
Jamie Saettele, CMT, Sr. Technical Strategist
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EUR/USD Rally Stalls at Former Support Turned Resistance (Again)

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-EUR/USD took out major resistance (1.1460s) early this week before reversing at the underside of former trendline support. This is the same trendline that capped the February rally. Watch the internal trendline that was support on 4/22 and 4/25. Failure to hold that line would indicate a failed breakout. SSI has been net short since 3/3 on a daily close basis.

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

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