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
Subscribe to Jamie Saettele's distribution list in order to receive actionable FX trading strategy delivered to your inbox.
Jamie is the author of Sentiment in the Forex Market.