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FOREX Technical Analysis: EUR/USD Holding Support for Now

FOREX Technical Analysis: EUR/USD Holding Support for Now

2013-01-09 02:07:00
Jamie Saettele, CMT, Sr. Technical Strategist
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FOREX_Technical_Analysis_EURUSD_Holding_Support_for_Now_body_eurusd.png, FOREX Technical Analysis: EUR/USD Holding Support for Now

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. Confidence is low in the upside due to the 3 wave advance from Friday’s low but a run on 13154 or even 13225 isn’t out of the question as long as Friday’s low is intact.

FOREX Trading Strategy: I wrote yesterday that “weakness below 13090 would now present an opportunity to get long against 13015. Near term resistance is defined by 13152/88 (Fibonacci).” Weakness extended into 13055 and the EURUSD closed the day at 13080. Due to the mentioned 3 wave rally, I’m moving from long to flat.

LEVELS: 12908 12997 1305513148 13184 13226

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