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

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SymbolPriceChange
EURUSD=X1.3832+0.0014

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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
    1.2581+0.0027+0.22%
    USDSGD=X
    1.7403+0.0056+0.32%
    EURSGD=X
    2.1141+0.0075+0.35%
    GBPSGD=X
    81.3099-0.364-0.45%
    SGDJPY=X
    6.1623-0.0133-0.22%
    SGDHKD=X
    2.5983-0.0029-0.11%
    SGDMYR=X
    9,247.7109-51.9736-0.56%
    SGDIDR=X
    4.9674-0.0013-0.03%
    SGDCNY=X
    1.1654-0.0005-0.04%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,293.70+9.10+0.71%
    GCM14.CMX
    19.64+0.20+1.04%
    SIK14.CMX
    91.62-1.25-1.35%
    ^XAU
    3.12+0.06+1.85%
    HGK14.CMX
    101.90+0.46+0.45%
    CLM14.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.74+0.03
    ^FVX
    2.690.00
    ^TNX
    3.460.00
    ^TYX

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    545.SI
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    5WH.SI
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    G13.SI
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    20.00+4.200+26.58%
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    S53.SI
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    570.SI
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    5DA.SI
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