News Column

EUR/USD Tests Trendline and Former High; 1.3800 Run Coming?

February 20, 2014

Jamie Saettele, CMT

Daily

eliottWaves_eur-usd_body_Picture_10.png, EUR/USD Tests Trendline and Former High; 1.3800 Run Coming?

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



-EURUSD dipped into and held the line that extends off of the 2/6 and 2/12 lows as well as the 2/11 high. The rally from the 2/3 low is in 2 equal waves and Wednesday's key reversal at least offers a level to trade against.



-Former highs at 1.3811 to 1.3831 and the line that extends off of the 2008, 2011 and December highs remain of interest as a reversal zone if reached. Trade below 1.3680 (not a spike) would suggest that a top is in for a drop into 1.3500s.



LEVELS: 1.3593 1.36181.3682 | 1.3733 1.3768 1.3813



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




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Source: DailyFx


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