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EUR/USD Expanding Diagonal is a Near Term Possibility

EUR/USD Expanding Diagonal is a Near Term Possibility

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_eur-usd_body_eurusd.png, EUR/USD Expanding Diagonal is a Near Term Possibility

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: Each turn off of the lows has been quickly retraced and new lows registered but weakness has been unable to extend. Slowing momentum at each new low is consistent with a bottoming process. The current level, specifically 1.2824, served as an important pivot twice in 2012 (see circled areas). In summary, the EURUSD is at support but price needs to show a little more down here before one can attempt longs.

FOREX Trading Strategy: Nothing.

LEVELS: 1.2679 1.2747 1.28031.2942 1.30471.3106

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