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Forex Trading: Long EURUSD at 13070

Forex Trading: Long EURUSD at 13070

Jamie Saettele, CMT, Sr. Technical Strategist

The EURUSD bullish break in early December remains valid as long as price is above 12875. Although price failed to reach the trendline that extends off of the 2012 lows, a flat interpretation of price pattern from the December high is valid. An RSI reversal signal is evident on the daily as well (RSI above 40 but lower than where RSI was at the previous pivot). With this in mind, I bought the dip into 13070. Monday’s low is critical to the near term bullish case and estimated resistance (if the EURUSD does indeed advance) is former support at 13158.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.