Browse Symbol Stacks: EURUSD: EURUSD_Trendline_Break_Aug242015.jpg

EURUSD_Trendline_Break_Aug242015.jpg

Overnight, the EUR/USD broke above its downtrend line from back in May 2014 when Draghi's words finally lit and exploded the dynamite that destroyed whatever had supported the Euro. 

(http://blogs.wsj.com/briefly/2014/05/08/5-takeaways-from-mario-draghis-may-press-conference/) 

ALSO, price is now testing a break of the resistance from the January 16, 2015 spike low, which has helped form the top of the price action for much of this year. 

IF we should see the Euro break above and out of this lower range, then the prior monthly chart wedge low (which we broke beneath in December) comes into play. That would likely be in the 1.225-1.235 range

Comments

moneymiser21moneymiser21
A look at the 4-hour and hourly EUR/USD charts shows that the confluence of those two lines (Downtrend off May 2014 high, spike low Jan. 16, 2015) is holding as resistance so far. 
 
The bold trader would short here. 8/24/15