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EUR/USD Nears the Important 1.3830; 5 Year Trendline is at 1.3970 this Week

EUR/USD Nears the Important 1.3830; 5 Year Trendline is at 1.3970 this Week

2013-10-22 23:27:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_eur-usd_1_body_eurusd.png, EUR/USD Nears the Important 1.3830; 5 Year Trendline is at 1.3970 this Week

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-The channel that originates from the July low crosses the July 2011 low this week (1.3837). The 61.8% of the decline from the 2011 high is 1.3833 and the measured move from the just broken 1.3645-1.3461 range is 1.3829 (1.3645 + 1.3645-1.3461).

-The line that extends off of the 2008 and 2011 highs is at 1.3970 this week.

-Estimated support is 1.3725/50 (post NFP spike high and 15 minute close).

Trading Strategy: Staying long EURNZD and moving the stop up to 1.6050.

LEVELS: 1.3672 1.37031.3750 | 1.3830 1.3900 1.3970

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

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