EUR/USD Waiting Game-Beware Trap Before ECB
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: There remains little to say about the EURUSD. Monday and today’s price action both reversed before the low and then closed near the high of the minor range. Of course, recent action could be sucking in longs before ECB drops the hammer and EURUSD tests 1.2660/80 (November low at 1.2660 and 61.8% retracement of the rally from the July 2012 low at 1.2679).
FOREX Trading Strategy: Need to see either a drop into 1.2660/80 and reversal from there or a break above 1.2890 (daily close even better) before turning bullish.
LEVELS: 1.2660 1.2710 1.27711.2890 1.30471.3106