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EUR/USD Moment of Truth as Important Support Being Tested

EUR/USD Moment of Truth as Important Support Being Tested

Jamie Saettele, CMT, Sr. Technical Strategist

DailyBars

eliottWaves_eur-usd_body_eurusd.png, EUR/USD Moment of Truth as Important Support Being Tested

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.” 13160 and the channel confluence was reached today. If that larger trend is up, then price should turn up from here.

FOREX Trading Strategy: Long against 12995. Move stop to intervening low (currently 13160) on a print above 13289.

LEVELS: 12997 13038 1313913231 1328913353

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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