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EUR/USD Rips Higher off of Trendline

EUR/USD Rips Higher off of Trendline

2013-02-05 23:58:00
Jamie Saettele, CMT, Sr. Technical Strategist
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DailyBars

eliottWaves_eur-usd_body_eurusd.png, EUR/USD Rips Higher off of Trendline

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: The EURUSD responded at trendline support and has retraced most of Monday’s decline. Near term resistance is 13613/38. I wrote yesterday that “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.” 13403 is important because that is where ‘overlap’ between waves would occur and negate the 4th wave interpretation.

FOREX Trading Strategy: I wrote yesterday that I’m “Buying weakness below 13500, against 13400. If triggered, then risk on longs should be tightened if the EURUSD trades to 13580.” Risk is tightened to today’s low. Keep in mind that the longer term target from the nearly yearlong inverse head and shoulders pattern is 14300.

LEVELS: 13458 13501 1355013613 1364313711

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