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FOREX Technical Analysis: EUR/USD 13200 is Estimated Support

FOREX Technical Analysis: EUR/USD 13200 is Estimated Support

2013-01-16 22:54:00
Jamie Saettele, CMT, Sr. Technical Strategist
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DailyBars

eliottWaves_eur-usd_body_eurusd.png, FOREX Technical Analysis: EUR/USD 13200 is Estimated Support

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). 13150-13200 is estimated support (50%-61.8% retracements of rally from 1/4 low).

FOREX Trading Strategy: 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 1324713330 1338013403

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

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