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FOREX Technical Analysis: EUR/USD Support Zone Holds on Late Day Test

FOREX Technical Analysis: EUR/USD Support Zone Holds on Late Day Test

2013-01-16 04:03:00
Jamie Saettele, CMT, Sr. Technical Strategist
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FOREX_Technical_Analysis_EURUSD_Support_Zone_Holds_on_Late_Day_Test_body_eurusd.png, FOREX Technical Analysis: EUR/USD Support Zone Holds on Late Day Test

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: A yearlong bottoming pattern has been confirmed as complete and the first EURUSD objective isn’t until above 13800 (61.8% of decline from 2011 high and where the rally from the 2012 low would consist of 2 equal legs). The late day selloff found support where one would expect, at former congestion (13247/67). The black line is the 5 day average, which tends to hold on a closing basis in extremely strong trends. In other words, it’s possible that the decline from 13403 is complete.

FOREX Trading Strategy: I’m long from 13275. 13150-13200 is estimated support (50%-61.8% retracements of rally from 1/4 low). Given the significance of the longer term bottoming pattern, I’m willing to stay bullish as long as price is above 13100.

LEVELS: 13152 13200 13247 13330 13380 13403

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