News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
EUR/USD 1.3100 Serves as Near Term Pivot

EUR/USD 1.3100 Serves as Near Term Pivot

Jamie Saettele, CMT, Sr. Technical Strategist

DailyBars

eliottWaves_eur-usd_body_eurusd.png, EUR/USD 1.3100 Serves as Near Term Pivot

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

FOREXAnalysis: Monday’s EURUSD inside day at support (January low at 1.2996) signals a possible low, even if for just a partial retracement of the decline from above 1.3700. Strength above 1.3100 (Friday’s high and trendline) would shift focus to the 2/28 high at 1.3161. 1.3300 (early January high and mid-February support) may be of interest later in the month as a level to turn bearish. Alternatively, weakness below 1.2965 would shift attention to the well-defined 1.2875.

FOREX Trading Strategy: The extent and structure of the decline from above 1.3700 suggests that the larger trend is down. Rallies should be sold but probably not until 1.3300. That leaves short term traders with an opportunity to play the long side on a break above 1.3100.

LEVELS: 1.2803 1.2875 1.29651.3100 1.31611.3250

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

DISCLOSURES