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EUR/USD and EUR/AUD Longs Still Favored

EUR/USD and EUR/AUD Longs Still Favored

Jamie Saettele, CMT, Sr. Technical Strategist

The EURAUD triangle focused on yesterday may have completed its final leg last night. Regardless, the trend is bullish above the month to date low of 12899. A break above the 2/1 high would shift focus to the measured level at 13480.

I'm bullish the EURUSD as per the daily RSI profile and longer term bottoming pattern. Near term support is 13416/39 and resistance ahead of the 2/1 high is 13574-13643. Since the high is on the first day of the month, I'm looking to exit at least half of the long in the mentioned zone.

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

To contact Jamie e-mail jsaettele@dailyfx.com. Follow me on Twitter for real time updates @JamieSaettele

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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.

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