EUR/USD 1.3832 is the Near Term Pivot

By DailyFx | Updated August 12, 2014 AAA

DailyFX.com -

Daily

EUR/USD 1.3832 is the Near Term Pivot

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. EURUSD found high at 1.3650 and is nearing 1 month lows. The rate is at a short term channel and long term trendline support. It’s decision time but the market is pressured below 1.3640.”

-The origin of the diagonal at 1.3294 remains a target as do lower levels on a swing basis. Near term trend is lower below 1.3432 while the bigger picture breakdown is valid below 1.3550.

--Tradingideas are availabletoJ.S. Trade Desk members.

You May Also Like

Related Forex Analysis
  1. USD again setting new highs - Nomura
    Forex News

    USD again setting new highs - Nomura

  2. EUR/USD: Bearish pressure to persist while below 1.24 - FXStreet
    Forex News

    EUR/USD: Bearish pressure to persist while below 1.24 - FXStreet

  3. Latest Promise of Easing from ECB Keeps Euro Rebound at Bay
    Forex News

    Latest Promise of Easing from ECB Keeps Euro Rebound at Bay

  4. Weekly Trading Forecast: Volatility Keeps Boiling in the FX Market
    Forex News

    Weekly Trading Forecast: Volatility Keeps Boiling in the FX Market

  5. Trading Video: Officials Trigger Volatility for Euro, Yen and Dollar
    Forex News

    Trading Video: Officials Trigger Volatility for Euro, Yen and Dollar

Trading Center