EURUSD Longs Face First Test
The EURUSD has turned up following Friday's doji. As focused on last week, the decline from above 13700 is corrective (roughly 2 equal legs). The first test for longs is probably 13350, which is defined by former support (2/8 low) and trendline resistance. Near term support is 13265. Medium term (1-2 weeks) targets are 13430 and 13500. Longer term (over 2 weeks) targets remain 13830 and 14300. Risk on longs should be moved up from 12995 to 13144 (entry was 13189-triggered on Thursday).
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
To contact Jamie e-mail email@example.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.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.