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FOREX Technical Analysis: EUR/USD Estimated Support is 13067/90

FOREX Technical Analysis: EUR/USD Estimated Support is 13067/90

2013-01-07 00:48:00
Jamie Saettele, CMT, Sr. Technical Strategist
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DailyBars

eliottWaves_eur-usd_body_eurusd.png, FOREX Technical Analysis: EUR/USD Estimated Support is 13067/90

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: The EURUSD bullish break in early December remains valid as long as price is above 12875. In fact, the former resistance line extended off of the March, September, and October highs served as support last week. Structurally, the decline from 13307 may compose a flat.

FOREX Trading Strategy: It’s frustrating that the decline never reached the trendline that extends off of the July and November lows or the 50% retracement of the rally from the November low (12984). Weakness below 13090 would now present an opportunity to get long against 13015. Near term resistance is defined by 13152/88 (Fibonacci).

LEVELS: 12997 13067 1309013148 1318413226

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