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EURUSD Could Make Secondary top above 13000

EURUSD Could Make Secondary top above 13000

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_eur-usd_body_eurusd.png, EURUSD Could Make Secondary top above 13000

Prepared by Jamie Saettele, CMT

The area in front of 12800 is proving strong as support, which raises the specter of a more pronounced bounce. Initial resistance from the 38.2% retracement of the decline from 13071 was nearly reached. A push through would probably result in a test of the 61.8% retracement / 9/21 high at 13030/47. Near term support is 12860 and a drop below 12802 would eliminate anything constructive in the near term and shift focus to the much discussed 12740/50.

LEVELS: 12754 12802 12860 12944 13030 13084

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