FOREX Technical Analysis: EUR/USD in Limbo at Current Level
Chart Prepared by Jamie Saettele, CMT
FOREXAnalysis: Bigger picture “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.” Near term, 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: Conflicting evidence makes trading against Friday’s low or Tuesday’s high untenable. I’m sitting tight.
LEVELS: 12908 12997 1303013095 1314813184
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.