EUR/USD Trendline Support Just Below 13500 on Tuesday

By Jamie Saettele, CMT | DailyFX – Tue, Feb 5, 2013 6:50 AM SGT

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SymbolPriceChange
EURUSD=X1.3204-0.01

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eliottWaves_eur-usd_body_eurusd.png, EUR/USD Trendline Support Just Below 13500 on Tuesday

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: Former resistance from the 2012 high is now estimated support at 13490. This level is reinforced as one of interest by the 1/25-1/29 highs from 13476-13496 and trendline support. It’s possible that weakness from Friday’s high composes part of a 4th wave within a 5 wave advance from January’s low. As long as the EURUSD is above 13403, favor strength.

FOREX Trading Strategy: Buying weakness below 13500, against 13400. If triggered, then risk on longs should be tightened if the EURUSD trades to 13580.

LEVELS: 13308 13403 1349613580 1364313711

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