Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: The EURUSD has traded sideways since 1/14 and continues to respect 13250 as an area of support. Trendline support turned resistance may serve as support once more. The 20 day average comes into play on a drop below 13250. “A yearlong bottoming pattern has been confirmed as complete and the first EURUSD objective isn’t until above 13800 (61.8% of decline from 2011 high and where the rally from the 2012 low would consist of 2 equal legs).”
FOREX Trading Strategy: Given the significance of the longer term bottoming pattern, I’m willing to stay bullish as long as price is above 13100. Any entries will be posted on Twitter @JamieSaettele.
LEVELS: 13152 13200 1325013371 1340313485
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.