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EURUSD Longs Face First Test

Jamie Saettele, CMT

The EURUSD has turned up following Friday's doji. As focused on last week, the decline from above 13700 is corrective (roughly 2 equal legs). The first test for longs is probably 13350, which is defined by former support (2/8 low) and trendline resistance. Near term support is 13265. Medium term (1-2 weeks) targets are 13430 and 13500. Longer term (over 2 weeks) targets remain 13830 and 14300. Risk on longs should be moved up from 12995 to 13144 (entry was 13189-triggered on Thursday).

--- 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.

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