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

RELATED QUOTES

SymbolPriceChange
EURUSD=X1.0895-0.0087

DailyBars

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

--

Did you know that you can get stories like this on the Yahoo mail app?
Download it here.
Loading...
 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3478+0.0063+0.47%
    USDSGD=X
    1.4688-0.0043-0.30%
    EURSGD=X
    2.0771+0.0018+0.09%
    GBPSGD=X
    91.2851+0.6812+0.75%
    SGDJPY=X
    5.7512-0.0276-0.48%
    SGDHKD=X
    2.7014+0.0073+0.27%
    SGDMYR=X
    9,803.9980-24.5615-0.25%
    SGDIDR=X
    4.6024-0.0212-0.46%
    SGDCNY=X
    1.0441-0.0055-0.52%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,186.90-17.10-1.42%
    GCM15.CMX
    16.75-0.30-1.74%
    SIN15.CMX
    69.13-2.12-2.97%
    ^XAU
    2.78-0.03-1.09%
    HGN15.CMX
    58.22-1.50-2.51%
    CLN15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.54-0.02
    ^FVX
    2.16-0.06
    ^TNX
    2.92-0.07
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.330.00-1.49%
    AFC.SI
    0.193+0.012+6.63%
    5OU.SI
    0.290.000.00%
    5WA.SI
    0.172+0.004+2.38%
    F13.SI
    0.27+0.01+3.85%
    B0Z.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.25+0.06+31.58%
    41H.SI
    0.26+0.06+30.00%
    AYP.SI
    0.138+0.019+15.97%
    5IF.SI
    0.15+0.02+14.50%
    5TJ.SI
    0.915+0.110+13.66%
    NC9.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.20-0.05-20.00%
    5PD.SI
    0.135-0.015-10.00%
    5OY.SI
    0.185-0.020-9.76%
    41O.SI
    0.56-0.06-9.68%
    AXK.SI
    0.25-0.03-9.09%
    L02.SI