Forex Trading: Looking for Euro Support

RELATED QUOTES

SymbolPriceChange
EURUSD=X1.1247-0.0005
EURAUD=X1.4761+0.0031
EURCHF=X1.0905-0.0001

The EURUSD is well off of Friday’s best levels and nearing potential support from the 1/31 low at 13541. This is the first level to look for longs, if even for just a partial retracement of the drop from Friday’s high (in the event of a multiday dip). The longer term target from the yearlong inverse head and shoulders is 14301.

The EURAUD is also well off of Friday’s high and has met support from the 1/31 low at 12989. This is the first level to look for longs, if even for just a partial retracement of the drop from Friday’s high (in the event of a multiday dip). The longer term target from the yearlong inverse head and shoulders is 14041.

The EURCHF may be searching for an important low with support defined by the 1/23 low and 20 day average.

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

To contact Jamie e-mail jsaettele@dailyfx.com. Follow me on Twitter for real time updates @JamieSaettele

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Jamie is the author of Sentiment in the Forex Market.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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