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FOREX Technical Analysis: EUR/USD Back on the Highs

FOREX Technical Analysis: EUR/USD Back on the Highs

Jamie Saettele, CMT, Sr. Technical Strategist

DailyBars

eliottWaves_eur-usd_body_eurusd.png, FOREX Technical Analysis: EUR/USD Back on the Highs

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).”

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. I’m a buyer on dips. 13333 would be nice but 13250 would be better.

LEVELS: 13250 13287 1333313403 1348513548

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

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