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EUR/USD Near Term Triangle Still Valid but Leash is Tight

EUR/USD Near Term Triangle Still Valid but Leash is Tight

2013-05-29 22:00:00
Jamie Saettele, CMT, Sr. Technical Strategist
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4Hour

eliottWaves_eur-usd_body_eurusd.png, EUR/USD Near Term Triangle Still Valid but Leash is Tight

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: Bigger picture, a EURUSD head and shoulders would be confirmed on a drop below 1.2743. A drop below 1.2796 could also complete 5 waves down from 1.3242 and give way to a corrective rally in June. A level to keep in mind for a possible low in the next few days is the 61.8% extension of waves 1 through 3 at 1.2717. Of course, if price were to fall that low and reverse, many would probably be caught shorting a head and shoulders break. One way to protect yourself from shorting a false break…wait for the daily close before passing judgment on the validity of the break. Near term, pattern since the 5/17 low may compose a triangle (4th wave). Such an interpretation is valid as long as price is below 1.2997. The implications are for a drop to a new low.

FOREX Trading Strategy: Flat

LEVELS: 1.2744 1.2833 1.2878 1.2997 1.30321.3071

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

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