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EUR/USD Rally Fails before Friday’s Close

Jamie Saettele, CMT

Daily

eliottWaves_eur-usd_body_Picture_10.png, EUR/USD Rally Fails before Friday’s Close
eliottWaves_eur-usd_body_Picture_10.png, EUR/USD Rally Fails before Friday’s Close

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-EURUSD was never able to drop under 1.3642, finding low after NFP at 1.3672. Momentum wise, I am looking for a top. RSI at each top since December has been below 70. This weak momentum profile is not suggestive of a strong bull.

-The uncovered close at 1.3884 is now resistance but the failed rallies of Wednesday and Tuesday warn of something sinister on the downside. A break below 1.3750 would give scope to a breakdown towards 1.3476.

LEVELS: 1.3701 1.37531.3784 | 1.3845 1.3884 1.3909

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


original source

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