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EUR/USD Low Expected Between Here and 1.2660/80

EUR/USD Low Expected Between Here and 1.2660/80

Jamie Saettele, CMT, Sr. Technical Strategist

240 MinuteBars

eliottWaves_eur-usd_body_eurusd.png, EUR/USD Low Expected Between Here and 1.2660/80

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: The EURUSD diagonal count I’ve been tracking since 1.3133 is coming into sharper focus. The diagonal line crosses about 1.2690 tomorrow and about 1.2665 on Friday. These levels are in line with the November low at 1.2660 and 61.8% retracement of the rally from the July 2012 low at 1.2679. Of note as well is the initial trendline from the high above 1.3700. That line has come into play as a pivot many times in the last several months.

FOREX Trading Strategy: In order to turn bullish, need to see price fall into 1.2660/80 and reverse or exceed 1.2890 from current levels.

LEVELS: 1.2679 1.2500 1.2660/801.2890 1.30471.3106

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

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