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FOREX Technical Analysis: EUR/USD Firms into Channel and Fibonacci Extension

FOREX Technical Analysis: EUR/USD Firms into Channel and Fibonacci Extension

Jamie Saettele, CMT, Sr. Technical Strategist

DailyBars

eliottWaves_eur-usd_body_eurusd.png, FOREX Technical Analysis: EUR/USD Firms into Channel and Fibonacci Extension

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: A longer term breakout was discussed in Friday’s FX Technical Weekly. I wrote yesterday that “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.” The rally into today’s high is more than a poke and slightly higher prices still can’t be ruled out in order to complete an extremely small 5th wave. Even so, a decline, although probably corrective, is expected to begin soon. Initial support is the fourth wave of 2 less degrees at 13140 (former resistance at 13126) but the 4th wave of 1 less degree at 13040 is the level that I’m most interested in as potential support.

FOREX Trading Strategy: No change-the presence of channel resistance and the 50% extension of the move from the 2011 low makes this a good place for something countertrend to get underway.

LEVELS: 13040 13126 1319013283 1330013385

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

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