EUR/USD Trendline Support Just Below 13500 on Tuesday
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: Former resistance from the 2012 high is now estimated support at 13490. This level is reinforced as one of interest by the 1/25-1/29 highs from 13476-13496 and trendline support. It’s possible that weakness from Friday’s high composes part of a 4th wave within a 5 wave advance from January’s low. As long as the EURUSD is above 13403, favor strength.
FOREX Trading Strategy: Buying weakness below 13500, against 13400. If triggered, then risk on longs should be tightened if the EURUSD trades to 13580.
LEVELS: 13308 13403 1349613580 1364313711