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EUR/USD Reversal Rips Through Trendline

EUR/USD Reversal Rips Through Trendline

2013-04-04 23:17:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_eur-usd_body_eurusd.png, EUR/USD Reversal Rips Through Trendline

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: We got the reversal we’ve been waiting for. The EURUSD made a new low (barely) and then rallied nearly 200 pips, breaking through the trendline that defines the decline from above 1.3700 in the process. The top side of that line is now support (at about 1.2885 on Friday). Bulls still need to take out the expanding diagonal resistance line and former support from the early March lows but the momentum from this move suggests that shouldn’t be a problem. Expect the next few days to complete an impulsive rally (1.3047 is of particular interest) off of the low before the first decent pullback materializes.

FOREX Trading Strategy: Want to be long now but the ‘safer’ trade probably comes after completion of the impulsive rally from the low and subsequent pullback.

LEVELS: 1.2660 1.2744 1.28801.3047 1.31331.3227

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