FOREX Technical Analysis: EUR/USD Support Zone Holds on Late Day Test

RELATED QUOTES

SymbolPriceChange
EURUSD=X1.0747+0.0007

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FOREX_Technical_Analysis_EURUSD_Support_Zone_Holds_on_Late_Day_Test_body_eurusd.png, FOREX Technical Analysis: EUR/USD Support Zone Holds on Late Day Test

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: A yearlong bottoming pattern has been confirmed as complete and the first EURUSD objective isn’t until above 13800 (61.8% of decline from 2011 high and where the rally from the 2012 low would consist of 2 equal legs). The late day selloff found support where one would expect, at former congestion (13247/67). The black line is the 5 day average, which tends to hold on a closing basis in extremely strong trends. In other words, it’s possible that the decline from 13403 is complete.

FOREX Trading Strategy: I’m long from 13275. 13150-13200 is estimated support (50%-61.8% retracements of rally from 1/4 low). Given the significance of the longer term bottoming pattern, I’m willing to stay bullish as long as price is above 13100.

LEVELS: 13152 13200 13247 13330 13380 13403

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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3507+0.0022+0.17%
    USDSGD=X
    1.4518+0.0035+0.24%
    EURSGD=X
    2.0182+0.0084+0.42%
    GBPSGD=X
    88.5660+0.1418+0.16%
    SGDJPY=X
    5.7375-0.0098-0.17%
    SGDHKD=X
    2.6862-0.0044-0.16%
    SGDMYR=X
    9,592.8428-45.2842-0.47%
    SGDIDR=X
    4.5939-0.0036-0.08%
    SGDCNY=X
    1.0429+0.001+0.09%
    AUDSGD=X
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    Commodities
    NamePriceChange% Chg
    1,202.90+9.20+0.77%
    GCM15.CMX
    15.98+0.10+0.60%
    SIK15.CMX
    71.10-0.10-0.14%
    ^XAU
    2.69-0.04-1.52%
    HGK15.CMX
    57.07-0.81-1.40%
    CLM15.NYM
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    Bonds
    TreasuryYield (%)Yield Change
    1.34+0.01
    ^FVX
    1.91+0.02
    ^TNX
    2.58+0.01
    ^TYX

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    N21.SI
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    G13.SI
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