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EUR/USD Former Channel Support Serving as Resistance

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 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, the specter of 5 waves down from the 7/1 high warns of a rally attempt with resistance at 1.3470.

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

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