Singapore Markets closed

FOREX Technical Analysis: EUR/USD Consolidating after Breakout

Jamie Saettele, CMT


eliottWaves_eur-usd_body_eurusd.png, FOREX Technical Analysis: EUR/USD Consolidating after Breakout

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: A longer term breakout was discussed in the most recent FX Technical Weekly. Latest comments were that “a decline, although probably corrective, is expected to begin soon. Initial support is the fourth wave of 2 less degrees at 13140 (former resistance at 13126) but the 4th wave of 1 less degree at 13040 is the level that I’m most interested in as potential support.” Weakness has materialized with the EURUSD reaching 13163 so far.

FOREX Trading Strategy: 13040 remains of interest as a level to ‘buy the dip’. Watch the 20 day average as well.

LEVELS: 13040 13126 1316013225 1330813385

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.