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
Subscribe to Jamie Saettele's distribution list in order to receive actionable FX trading strategy delivered to your inbox.
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.
Learn forex trading with a free practice account and trading charts from FXCM.
