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

RELATED QUOTES

SymbolPriceChange
EURUSD=X1.1197+0.0006

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.

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
    1.3628+0.0002+0.01%
    USDSGD=X
    1.5258+0.001+0.06%
    EURSGD=X
    2.1040+0.0003+0.01%
    GBPSGD=X
    87.7859-0.0127-0.01%
    SGDJPY=X
    5.6910-0.0009-0.02%
    SGDHKD=X
    2.6536-0.0004-0.01%
    SGDMYR=X
    9,530.7559-1.3789-0.01%
    SGDIDR=X
    4.5974-0.0007-0.01%
    SGDCNY=X
    1.0645+0.0006+0.06%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,214.70+4.60+0.38%
    GCJ15.CMX
    16.620.00-0.02%
    SIK15.CMX
    76.94+1.10+1.45%
    ^XAU
    2.69-0.01-0.24%
    HGK15.CMX
    49.76+1.35+2.80%
    CLJ15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.50-0.02
    ^FVX
    2.00-0.01
    ^TNX
    2.60-0.01
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.975-0.085-8.02%
    N21.SI
    0.405-0.005-1.22%
    E5H.SI
    0.280.000.00%
    5WA.SI
    0.70-0.01-1.41%
    Y92.SI
    0.985+0.005+0.51%
    G13.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.17+0.03+21.43%
    40B.SI
    0.24+0.02+11.63%
    B1N.SI
    0.625+0.060+10.62%
    L5I.SI
    0.80+0.07+9.59%
    533.SI
    0.24+0.02+9.09%
    D79.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.105-0.010-8.70%
    J8O.SI
    0.42-0.04-8.70%
    CH8.SI
    0.14-0.01-8.50%
    5TJ.SI
    0.975-0.085-8.02%
    N21.SI
    0.29-0.03-7.94%
    AFC.SI