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EUR/USD Outside Day after 1.3133 Test

EUR/USD Outside Day after 1.3133 Test

2013-04-11 21:35:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_eur-usd_body_eurusd.png, EUR/USD Outside Day after 1.3133 Test

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: 1.3130 continues to act as resistance and pullbacks remain shallow. Today’s outside day at resistance is enough to be cautious but upside is remains favored above 1.3040 towards the 50% retracement of the decline from above 1.3700 at 1.3227 and 1.3320/40 (2/25 high and 61.8%). A drop below 1.3040 would probably offer an opportunity for fresh longs between 1.2934 and 1.2968.

FOREX Trading Strategy: Risk on longs from 4/4 has been moved up to 1.3040 to lock in a good deal. Moving the stop up is preferred in this instance in order to participate in a possible extension.

LEVELS: 1.2890 1.2934/68 1.3043 1.3133 1.32271.3307

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