EUR/USD 1.3100 Serves as Near Term Pivot
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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
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