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Euro 13025 Remains Trend Defining Level

Euro 13025 Remains Trend Defining Level

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_eur-usd_body_eurusd.png, Euro 13025 Remains Trend Defining Level

Prepared by Jamie Saettele, CMT

The EURUSD continues to trade within its first day of the month range (13218-13025). The sharp rebound from the low end of the range today is impulsive and gives scope to an eventual upside break. It is also possible that a triangle is unfolding from the 1/27 high. An upside break would be expected since triangles are continuation patterns and the trend that preceded the triangle was up. An objective is the mid 13400s, which is defined by the 50% retracement of the decline from the October high at 13435 and early December resistance at 13460. 13100 is near term support and a constructive bias is valid against 13025. A drop below there would shift focus to 12875.

Bottom Line – flat

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