EUR/USD 1.3640/50 is a Reaction Level

By DailyFx | Updated July 30, 2014 AAA

DailyFX.com -

Daily

EUR/USD 1.3640/50 is a Reaction Level

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-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.

-Longer term implications from May’s outside month remain bearish and consistent with a long term trend change.

LEVELS: 1.3512 1.35521.3594 | 1.3620 1.3640 1.3678

--Trading specifics (setups with entries, stops, targets) are availabletoJ.S. Trade Desk members.

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    EURUSD Running Out of Steam On the Hint of Negative Divergence

  2. Forex News

    Forecast: Will Dollar and Equity Declines Evolve into Reversals?

  3. Forex News

    Video: Risk Reversal a Greater Danger Than Dollar Tumble Next Week

  4. Forex News

    US blip temporary, EUR/USD spread to widen - DB

  5. Forex News

    EUR/USD… resilience… or innocence?

Trading Center