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EUR/USD Finds Support on a Smaller Trend Line (Webinar Recording)

EUR/USD Finds Support on a Smaller Trend Line (Webinar Recording)

Jeremy Wagner, CEWA-M, Head of Education

This is a recording of a webinar from February 6, 2017. To attend a live webinar with Jeremy obtain your free registration here.

In this webinar, we used technical analysis and namely, Elliott Wave Theory to identify trends for DJIA, USD/JPY, USD/CAD, AUD/USD, NZD/USD, and EUR/USD.

We started with DJIA and the 19,782 low and the 20,138 high are important for determining near term direction.

After that, we moved over into USD/JPY. Sentiment for the pair suggests further losses and technicals are sitting right on top of a trend channel.

Towards the end of the webinar (near the 51 minute mark), we opened the seal on EUR/USD. Though the pair has fallen hard today, it is finding support near trend lines. If those lines fail, then a bigger sell may be underway. Otherwise, it may be an opportunity to bounce and retest to the highs.

If you wish to learn more about Elliott Wave theory, grab our beginning and advanced guides here and join Jeremy for his Elliott Wave pattern webinar here.

Lastly, we talked about 2017 Top Trading Opportunities and the 2016 Top Lessons. Grab those guides and additional learning material on Elliott Wave theory at this link.

---Written by Jeremy Wagner, Head Trading Instructor, DailyFX EDU

Follow me on Twitter at @JWagnerFXTrader .

See Jeremy’s recent articles at his Bio Page.

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