EUR/USD: Support At 1.3905
Dailyfx | May 07, 2014 02:22AM ET
It is possible that an ending diagonal is underway from the November low. If that plays out, then the market will trade above 1.3966 (and most likely above 1.4000) before topping. As is the case with all USD crosses, a larger breakdown isn’t out of the question at this point and I’m not keen on fighting USD weakness until Friday at the earliest. Even then, there would have to be evidence of a top (in this case, a push above 1.4000 and strong reversal).
1.3905 is support, but look higher as long as price is above 1.3960.
LEVELS: 1.3864 1.38821.3905 | 1.3966 1.4020 1.4074
Original post
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