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EURUSD Inches Towards Trendline

By , Sr. Technical Strategist
30 April 2012 21:59 GMT

DailyBars

eliottWaves_eur-usd_body_eurusd.png, EURUSD Inches Towards Trendline

Prepared by Jamie Saettele, CMT

For most, trading in the middle of this range is not ideal. Price is currently pressing against resistance from former trendline support and congestion from late March / early April. Trendline resistance is just below 13300 as well. Hopefully, early May can provide a pivot to trade to from. Recent lows at 13155 and 13100 are near term supports. I don’t want to strongly suggest a direction when the market is drifting sideways but the inability of the EURUSD to break 13000 after 3 attempts in the last 2 months hints that the break will be higher. EUR event risk is heavy Wednesday through Friday.

Bottom Line (next 5 days): ?

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30 April 2012 21:59 GMT