eliottWaves_eur-usd_body_eurusd.png, FOREX Technical Analysis: EUR/USD Unchanged after Friday Surge

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: A longer term breakout was discussed in Friday’s FX Technical Weekly. Near term, the EURUSD may poke above Sunday’s high in order to complete a 5 wave sequence from 13040 before dropping back into 13040/65. This level is defined by the former 4th wave area and the topside of former trendline resistance.

FOREX Trading Strategy: Wait for weakness into at least 13040/65 before considering longs for a longer term breakout.

LEVELS: 13008 13065 1312613226 1328313385