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EUR/USD Key Reversal Unfolds at Channel Support

EUR/USD Key Reversal Unfolds at Channel Support

2013-03-14 21:57:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_eur-usd_body_eurusd.png, EUR/USD Key Reversal Unfolds at Channel Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: Happy Pi day! The EURUSD formed a key reversal (and J-Spike, first bullish one since 6/1/12) at channel support from the 2012 low today…a low for at least 300 or more pips may be in place. Still, 1.2875 remains 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. I still mention 1.2875 because price has yet to take out my bullish pivot at 1.3064.

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.The EURUSD seems to be lagging the GBPUSD by a few days, which completed an ending diagonal several days ago so one final low in the EURUSD isn’t out of the question. A bottom appears to be in place in EURSEK.

LEVELS: 1.2661 1.2710 1.28751.3064 1.31341.3250

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