Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: Wrote in the last update to “expect the next few days to complete an impulsive rally (1.3047 is of particular interest) off of the low before the first decent pullback materializes.” With 5 waves visible from the low, we may get that pullback. Support is expected at 1.2934 (reversal day close) and 1.2968 (Monday and 4th wave low). Keep an eye on the former diagonal resistance line, which may provide support now. That line crosses about 1.2940 on Tuesday. FX Technical Weekly focuses on the weekly reversal.
FOREX Trading Strategy: Went long on 4/4 close. Risk on the trade has been moved up to 1.2900. Weakness below there would NOT alter the bullish bias but would have me searching for a low near 1.2856 (61.8% retracement).
LEVELS: 1.2744 1.2856 1.29341.3047 1.31331.3227