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FOREX Technical Analysis: EUR/USD Remains in Range but For How Long

By , Sr. Technical Strategist
24 January 2013 22:01 GMT

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eliottWaves_eur-usd_body_eurusd.png, FOREX Technical Analysis: EUR/USD Remains in Range but For How Long

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 and 13400 as resistance. “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. If a break higher takes place with price remaining above 13256 then an initial target is 13550 (13403-13256 + 13403).

LEVELS: 13200 13250 1333513403 1348513550

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24 January 2013 22:01 GMT