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EUR/USD Still Yet to Break Big Pattern; 1.3028 is Important Now

EUR/USD Still Yet to Break Big Pattern; 1.3028 is Important Now

2013-05-15 22:39:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_eur-usd_body_eurusd.png, EUR/USD Still Yet to Break Big Pattern; 1.3028 is Important Now

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: The EURUSD has penetrated an internal trendline (former diagonal resistance line) and closed beneath the important 1.2934 (61.8% retracement AND the close of the 4/4 reversal day). Bigger picture, a head and shoulders top would be confirmed on a drop below 1.2743.

FOREX Trading Strategy: Wrote yesterday that “2 days of sideways trading has succeeded Thursday’s and Friday’s decline. I’ll either sell weakness below 1.2934 (needs to be during active hours) with a 1.3035 stop or sell strength above 1.3028 with a 1.3200 stop.Breakout trading is warranted.” I’m bearish against 1.3035. Look for resistance near the downward sloping dashed line in the coming days…the line is at about 1.2942 on Thursday and 1.2932 on Friday. Considering the importance of 1.2934 as former support, a rally into there would be welcomed for a sale.

LEVELS: 1.2744 1.2801 1.2842 1.2907 1.29341.2988

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

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