Trade FOREX with FXCM

  • Award-Winning Platform
  • 24/7 Customer Support
  • Trade Directly on Charts
  • Free $50K Practice Account

Resources

EUR/USD Above 1.2890 Needed to Alleviate Downside

By , Sr. Technical Strategist
28 March 2013 21:09 GMT

240 MinuteBars

eliottWaves_eur-usd_body_eurusd.png, EUR/USD Above 1.2890 Needed to Alleviate Downside

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

FOREXAnalysis: Did the ‘initial resistance line’ mentioned yesterday nail the low? It’s too early to tell but the inside day is a good start. No change from yesterday - “The EURUSD diagonal count I’ve been tracking since 1.3133 is coming into sharper focus. The diagonal line crosses about 1.2665 on Friday. This is in line with the November low at 1.2660 and 61.8% retracement of the rally from the July 2012 low at 1.2679. Of note as well is the initial trendline from the high above 1.3700. That line has come into play as a pivot many times in the last several months.” It’s worth noting that next week is heavy with event risk.

FOREX Trading Strategy: Exchange markets are closed in the US and Europe on Friday and closed on Monday in Europe so don’t expect much until Monday night (Tuesday Asia) at the earliest. “In order to turn bullish, need to see price fall into 1.2660/80 and reverse or exceed 1.2890 from current levels.”

LEVELS: 1.2679 1.2500 1.2660/801.2890 1.30471.3106

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.

28 March 2013 21:09 GMT