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EUR/USD Bull Trend Back on Track

EUR/USD Bull Trend Back on Track

2013-02-12 23:11:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_eur-usd_body_eurusd.png, EUR/USD Bull Trend Back on Track

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: The EURUSD has turned up following the bullish RSI signal. “In uptrends, buying dips when RSI drops into the 50-40 zone is often a good move.” The close back above the 20 day average also inspires confidence in the upside. The 3 wave decline from 13710 inspires confidence in the larger bullish structure.

FOREX Trading Strategy: Risk on longs is moved up from 13255 to 13350. Near term resistance for shorter term traders is 13577-13638.

LEVELS: 13255 13352 1341013497 1357513643

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