Triggered Long EUR/USD, EUR/AUD and EUR/CHF
The EURUSDresponded at trendline support beneath 13500 and the aggressive impulsive bullish count is valid above 13403. Look higher. Potential resistance before Friday’s high comes in from the 61.8% retracement of the decline at 13613. Risk is 13403 (daily closing) and will tighten the stop once price trades 13580.
The EURAUD is well off of the lows set last night on the release of the RBA rate decision. Trendline support isn’t until about 12830 today. The line increases about 30 pips per day. The long term bullish breakout is valid against 12568. The target from the inverse head and shoulders isn’t until above 14000. Riskis 12835 and will tighten the stop once price trades 13085.
The EURCHF may be searching for an important low. Price is testing the 50% of the advance from the ‘floor’. I’m bullish as long as price is above the former range high of 12183 (daily closing basis). Riskis 12183 (daily closing basis) and will tighten stop once price trades 12400.
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
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Jamie is the author of Sentiment in the Forex Market.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.