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

RELATED QUOTES

SymbolPriceChange
EURUSD=X1.1216-0.0008

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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
    1.4163+0.0006+0.04%
    USDSGD=X
    1.5891+0.0001+0.01%
    EURSGD=X
    2.1671+0.0007+0.03%
    GBPSGD=X
    85.1304+0.1154+0.14%
    SGDJPY=X
    5.4719-0.0023-0.04%
    SGDHKD=X
    2.9794+0.0015+0.05%
    SGDMYR=X
    10,007.7686-8.1943-0.08%
    SGDIDR=X
    4.4872-0.0025-0.06%
    SGDCNY=X
    0.9947-0.0021-0.21%
    AUDSGD=X
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    Commodities
    NamePriceChange% Chg
    1,132.90-0.70-0.06%
    GCZ15.CMX
    14.660.00-0.01%
    SIZ15.CMX
    46.23-0.58-1.23%
    ^XAU
    2.330.00-0.17%
    HGZ15.CMX
    45.88-0.37-0.80%
    CLV15.NYM
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    ^FVX
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    ^TNX
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    ^TYX

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