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EURUSD Short Term Support Extends to 13015

EURUSD Short Term Support Extends to 13015

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_eur-usd_body_eurusd.png, EURUSD Short Term Support Extends to 13015

Prepared by Jamie Saettele, CMT

As the EURUSD nears the September high, short term developments should be viewed within the context of longer term developments. For example, a breakout on the hourly chart could complete a bounce on the weekly chart. Context is paramount. Anyway…the drop below 13060 skews reward/risk back in favor of bulls against 12991. Support extends to 13015 thus each tick towards that level presents a better short term bullish opportunity against 12991. Exceeding 13139 could complete 5 waves up from 12825, which of course would shift risk to the downside again. Bottom line, EURUSD support extends to 13115 and the near term trend is constructive as long as price is above 12991 but a print above 13139 probably signals the beginning of the end of the rally from 12825.

LEVELS: 12991 13015 13055 13139 13171 13200

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