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EUR/USD Trades to 4 Month Lows before Rebound off of Key Level

EUR/USD Trades to 4 Month Lows before Rebound off of Key Level

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_eur-usd_body_eurusd.png, EUR/USD Trades to 4 Month Lows before Rebound off of Key Level

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: The EURUSD continues to probe lower levels. 1.2875, the 50% retracement of the rally from the 2012 low, late November low and December low, was finally reached today. Price is also holding on to channel support from the 2012 low (intraweek). Continued weakness would encounter the October low at 1.2803 and June 2012 high at 1.2747. It’s been a difficult market environment with several false bottoms, which is suggestive of a wedge (ending diagonal).

FOREX Trading Strategy: Got whipsawed over the weekend with price exceeding 1.3064 on Friday which triggered a bullish bias. I wrote yesterday that “the EURUSD needs to hold today’s low before we can attempt longs again.” That didn’t happen of course so I’m still waiting for a setup.

LEVELS: 1.2661 1.2747 1.28031.2995 1.31341.3250

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