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EUR/USD Support Expected at 1.2934/67

Jamie Saettele, CMT


eliottWaves_eur-usd_body_eurusd.png, EUR/USD Support Expected at 1.2934/67

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: See the weekly for a detailed analysis of the EURUSD. In general, price has reacted at 1.3133 resistance. In fact, 1.3133 is the origin of the diagonal that led to the low. Respect potential for a deeper drop but 1.2934/67 is viewed as an area of support.

FOREX Trading Strategy: After exiting on Friday, looking to return to long position between 1.2934 and 1.2967 with a 1.2740 initial stop (expect to move it up quickly though if triggered).

LEVELS: 1.2890 1.2934/68 1.3004 1.3133 1.32271.3307

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