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EUR/USD Focus Shifts to 13160-13200 after 13350 Break

EUR/USD Focus Shifts to 13160-13200 after 13350 Break

Jamie Saettele, CMT, Sr. Technical Strategist

DailyBars

eliottWaves_eur-usd_body_eurusd.png, EUR/USD Focus Shifts to 13160-13200 after 13350 Break

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: The daily RSI profile for EURUSD remains bullish but the drop below 13350 shifts focus slightly lower in the near term. 13160-13200 is now estimated support. The zone is defined by the 2013 open (which ranges from 13180 to 13200 depending on what time is used for the open), the 50% retracement of the rally from the November low (13188) and where the decline from the 2/1 high would consist of 2 equal legs (13161). A confluence of trendlines and downward sloping channel intersects this zone early next week. Near term resistance is 13380.

FOREX Trading Strategy: Looking to short into 13380-13425 with a 13465 stop for a run at 13160-13200…at which point I’ll be looking for a low. The most pressing concern regarding longs before March is the fact that the high is on 2/1 (beware of a low at the end of the month-something to consider in position sizing). EURJPY is also in play right now.

LEVELS: 13188 13255 1330813380 1342513459

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