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EUR/USD 1.2934; Former Support Turned Resistance

EUR/USD 1.2934; Former Support Turned Resistance

2013-05-16 21:33:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_eur-usd_body_eurusd.png, EUR/USD 1.2934; Former Support Turned Resistance

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: Wrote yesterday that “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.” Thursday’s action reinforces 1.2934 as one of importance. The high was 1.2929. Look lower although a push above 1.2934 wouldn’t negate anything bearish. Only above 1.3028 would call the downtrend into question.

FOREX Trading Strategy: No change - 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 1.2932 on Friday.

LEVELS: 1.2744 1.2801 1.2842 1.2907 1.29341.2988

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