EUR/USD Former Channel Support Serving as Resistance

By DailyFx | Updated August 05, 2014 AAA

DailyFX.com -

Daily

EUR/USD Former Channel Support Serving as Resistance

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, 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.

Related Forex Analysis
  1. Session Recap: When money comes from Japan; EUR/USD at 14-month low, USD/JPY 7-year ...
    Forex News

    Session Recap: When money comes from Japan; EUR/USD at 14-month low, USD/JPY 7-year ...

  2. EUR/USD recovery capped at 1.2540
    Forex News

    EUR/USD recovery capped at 1.2540

  3. USD to gain further support, ECB in focus - Commerzbank
    Forex News

    USD to gain further support, ECB in focus - Commerzbank

  4. EUR/USD downtrend set to continue in the coming weeks - UBS
    Forex News

    EUR/USD downtrend set to continue in the coming weeks - UBS

  5. EUR/USD refuses to stay below 1.2500
    Forex News

    EUR/USD refuses to stay below 1.2500

Trading Center