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EUR/USD RSI Profile is Opposite of Profile Before 2012 Breakdown

By , Sr. Technical Strategist
13 February 2013 21:41 GMT

DailyBars

eliottWaves_eur-usd_body_eurusd.png, EUR/USD RSI Profile is Opposite of Profile Before 2012 Breakdown

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: “In uptrends, buying dips when RSI drops into the 50-40 zone is often a good move. The close back above the 20 day average inspires confidence in the upside as does the 3 wave decline from 13710.” Bigger picture, the RSI profile is nearly the exact opposite as the profile that preceded the 2012 bear leg. Longer term targets remains 13830 and above 14250-14300.

FOREX Trading Strategy: No change from yesterday – “Risk on longs is moved up from 13255 to 13350. Near term resistance for shorter term traders is 13577-13638.”

LEVELS: 13255 13352 1341013520 1357513643

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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13 February 2013 21:41 GMT