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EUR/USD Nears Potentially Significant Support with ECB on Tap

EUR/USD Nears Potentially Significant Support with ECB on Tap

2013-03-06 22:44:00
Jamie Saettele, CMT, Sr. Technical Strategist
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DailyBars

eliottWaves_eur-usd_body_eurusd.png, EUR/USD Nears Potentially Significant Support with ECB on Tap

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: The EURUSD is nearing potentially significant support from several technical measures. 1.2900/20 is home to the 2012 resistance line turned support (see January low) and parallel channel from the 2012 low. 1.2875 is the 50% retracement of the rally from 1.2041 and December low. Trade above 1.3074 is needed in order to suggest that the expected recovery into 1.3300-1.3400 is underway.

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.” One can envision an ECB spike into the mentioned 1.2900/20 or 1.2875 before the market finds the much anticipated low. Exceeding 1.3074 would suggest that the low is already in place.

LEVELS: 1.2803 1.2875 1.29651.3074 1.31611.3250

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