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EUR/USD Trendline Cluster Near 13200; Support Zone Extends to 13160

EUR/USD Trendline Cluster Near 13200; Support Zone Extends to 13160

2013-02-20 22:26:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_eur-usd_body_eurusd.png, EUR/USD Trendline Cluster Near 13200; Support Zone Extends to 13160

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: 13160-13200 remains 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). Several trendline are also of interest near 13200 the remainder of the week.

FOREX Trading Strategy: Patience has served us well. The working assumption is that the drop from the 2/1 high is a double zigzag correction. I favor longs into 13160-13200 with a 12995 top (if pattern interpretation is correct, then we should be able to move the stop up quickly). Longer term targets are 13830 and 14300.

LEVELS: 13161 13200 1325513305 1335713396

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