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EUR/USD 1.3064 Now Serves as Directional Pivot

EUR/USD 1.3064 Now Serves as Directional Pivot

Jamie Saettele, CMT, Sr. Technical Strategist

DailyBars

eliottWaves_eur-usd_body_eurusd.png, EUR/USD 1.3064 Now Serves as Directional Pivot

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: The EURUSD has reached channel support from the 2012 low. 1.2875 is still in play as support if reached. The level is defined by the 50% retracement of the rally from the 2012 low, late November low and December low. The former resistance line turned support crosses 1.2875 on 3/25 and 3/26. The extent of weakness from the February high and structure (impulsive case can be made) make it likely that a significant (possibly for rest of the year) top is in place for the EURUSD but the current environment, which is dominated by salacious news headlines, is conducive to formation of a low for a rally back towards 1.3300-1.3400.

FOREX Trading Strategy: Strength above 1.3064 would turn me bullish for at least 1.3350. 1.2875 is possible as long as price is below 1.3064.

LEVELS: 1.2661 1.2710 1.28751.3064 1.31341.3250

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

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