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EUR/USD Flirts with January Low and Closes at Channel Support

EUR/USD Flirts with January Low and Closes at Channel Support

Jamie Saettele, CMT, Sr. Technical Strategist

DailyBars

eliottWaves_eur-usd_body_eurusd.png, EUR/USD Flirts with January Low and Closes at Channel Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0New to FX?Know Your Trader IQ

FOREXAnalysis: The EURUSD ended the day little changed. This is a good sign for bulls as it indicates potential formation of a low. Yesterday’s range was large (largest in at least 60 days…constitutes a JS Thrust) and CME volume was the largest since 8/2/12. Range and volume of this size are typical towards the end of moves but the January low at 12996 needs to hold in order for the big picture to remain constructive. Weakness below opens up 12875 and 12802.

FOREX Trading Strategy: If price can hold Tuesday’s low on Wednesday, then I’ll be looking to get long again. EURCHF is interesting here as well.

LEVELS: 12803 12875 1299613123 1319613245

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