Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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-“EURUSD never made it to the well-defined 1.3750 area (50% retracement of the decline from the top as well as the close of the week that ended 5/9 (week of the top)). If 1.3700 is an important top then 1.3640/50 should serve as resistance.” EURUSD found high at 1.3650 and is nearing 1 month lows. The confluence of a short term channel and long term trendline support is lining up as an important zone this week at 1.3525/35.
-Longer term implications from May’s outside month remain bearish and consistent with a long term trend change. A 1.3512 break is needed to usher in the big bad bear.
LEVELS: 1.3512 1.35251.3545 | 1.3588 1.3601 1.3650
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