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EUR/USD 1.3830s Proves its Worth; Former High at 1.3711 of Interest

EUR/USD 1.3830s Proves its Worth; Former High at 1.3711 of Interest

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_eur-usd_body_eurusd.png, EUR/USD 1.3830s Proves its Worth; Former High at 1.3711 of Interest

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-EURUSD has pulled back from channel resistance, 61.8% of the decline from the 2011 high (1.3833), and July 2011 l0w. The measured move from the recently 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 about 1.3965 this week and in line with the May 2011 low at 1.3968.

-Former highs at 1.3711 (Feb high) and 1.3645 (10/3) are estimated supports.

Trading Strategy: Trading EURNZD – looking for a long entry at recently broken resistance (and now estimated support) at 1.6515.

LEVELS: 1.3606 1.36451.3711 | 1.3803 1.3832 1.3900

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

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