FOREX Technical Analysis: EUR/USD 13125-13150 is Estimated Support

By Jamie Saettele, CMT | DailyFX – Thu, Jan 3, 2013 9:45 AM SGT

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SymbolPriceChange
EURUSD=X1.29100.01

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FOREX_Technical_Analysis_EURUSD_13125-13150_is_Estimated_Support__body_eurusd.png, FOREX Technical Analysis: EUR/USD 13125-13150 is Estimated Support

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: At this point, sideways trade in the EURUSD since 12/19 is viewed as nothing more than a correction, specifically a flat. Waves A and C of the flat would be equal at 13149, roughly in line with the 12/17 low at 13143. Former highs (10/17 and 12/5) are now potential support if reached at 13126/39 along with the 20 day average. Exceeding 13231 would suggest that the low is already in place.

FOREX Trading Strategy: Looking to turn bullish either above 13230 or below 13155.

LEVELS: 13040 13066 1312613200 1323013260

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