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EUR/USD 13342 of Interest IF Tuesday’s Low is Broken

EUR/USD 13342 of Interest IF Tuesday’s Low is Broken

Jamie Saettele, CMT, Sr. Technical Strategist

DailyBars

eliottWaves_eur-usd_body_eurusd.png, EUR/USD 13342 of Interest IF Tuesday’s Low is Broken

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: Analysis is little changed. “Near term resistance is 13613/38. 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 as presented above.

FOREX Trading Strategy: Risk on longs was tightened to Tuesday’s low. Keep in mind that the longer term target from the nearly yearlong inverse head and shoulders pattern is 14300. I am bullish but near term weakness cannot be ruled out. If Tuesday’s low is broken, then I’m likely to get long again near 13350 (decline from 13711 would consist of 2 equal legs at 13342).

LEVELS: 13342 13403 1345713595 1364313711

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