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EURUSD Drops Slowly into Support

EURUSD Drops Slowly into Support

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_eur-usd_body_eurusd.png, EURUSD Drops Slowly into Support

Prepared by Jamie Saettele, CMT

“The EURUSD has responded to the well-defined 13145 level. Still, treat weakness as corrective until evidence is sufficient to warrant a downside bias. Support is expected between 13000/13050 with 13020 of particular interest. The next upside level of interest is the May 1 high at 13283, which is reinforced by trendline that extends off of the 2011 highs. The trend is up against 12854.” The correction is playing out with the EURUSD slightly more than 100 pips from the high. Today’s low is within the estimated 13000/50 support zone. It is wise to begin looking higher with the understanding that 13000 isn’t out of the question

LEVELS: 12976 13001 13020 13083 13120 13172

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

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