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EURUSD Former Support Line Now Resistance above 13300

EURUSD Former Support Line Now Resistance above 13300

2012-03-19 20:47:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_eur-usd_body_eurusd.png, EURUSD Former Support Line Now Resistance above 13300

Prepared by Jamie Saettele, CMT

Immediate focus for the EURUSD is 13300, which is defined by the 61.8% retracement of the decline from 13485, 3/8 high (13290) and former support line. Support for Tuesday is 13185 but the specter of 5 waves up from 13002 demands that we respect the potential for a deeper corrective decline into 13120/40 before resumption of the bull trend.

Bottom Line (next 5 days): sideways / higher?

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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