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EURUSD Holding Support from Daily Low and Fibonacci

EURUSD Holding Support from Daily Low and Fibonacci

2012-05-03 23:03:00
Jamie Saettele, CMT, Sr. Technical Strategist
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DailyBars

eliottWaves_eur-usd_body_eurusd.png, EURUSD Holding Support from Daily Low and Fibonacci

Prepared by Jamie Saettele, CMT

“I don’t want to suggest a direction when the market is drifting sideways but the inability of the EURUSD to break 13000 after 3 attempts in the last 2 months hints that the break will be higher.” The EURUSD has traded lower, stopping in the middle of 2 recent lows (13155 and 13105).” Price held support from the 61.8% retracement of the rally from 12994 and 4/23 low. Weakness (maybe on NFP) would still encounter support from the 4/18 low at 13057 before the range low at 12973. The closer the EURUSD inches towards the bottom of the range, the more reward/risk favors bulls.

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