EUR/USD 1.3640/50 is a Reaction Level

By DailyFx | July 08, 2014 AAA

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EUR/USD 1.3640/50 is a Reaction Level

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.

-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.

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