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FOREX Technical Analysis: EUR/USD Rally is Largest Since August

FOREX Technical Analysis: EUR/USD Rally is Largest Since August

Jamie Saettele, CMT, Sr. Technical Strategist

WeeklyBars

eliottWaves_eur-usd_body_eurusd.png, FOREX Technical Analysis: EUR/USD Rally is Largest Since August

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.” Neither of the levels mentioned as potential resistance, 13185 and 13225, were of use today as the EURUSD registered its largest rally since August 3rd. In fact, there were only 2 days in all of 2012 that saw a rally larger than 1.56% (today’s rally)-June 29th and August 3rd. 13185 and 13225 are now supports. Trend is still considered sideways but a drop below 13308 shifts focus to longer term bullish targets close to 14000 (13800+), although not immediately of course.

FOREX Trading Strategy: I’m playing Euro strength through EURAUD…or planning to anyway with long orders between 12440 and 12460.

LEVELS: 13139 13180 1322513308 1338513485

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

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