Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: There remains little to say about the EURUSD. Monday’s price action, which reversed before the low and then took out the high of the low day, remains constructive but today’s weakness clouds the picture (again). In the event of another low, the November low at 1.2660 and 61.8% retracement of the rally from the July 2012 low at 1.2679 are support. ECB is Thursday.
FOREX Trading Strategy: No change – “In order to turn bullish, need to see price fall into 1.2660/80 and reverse or exceed 1.2890 from current levels.” I spoke at length about what to look for in Monday’s webinar.
LEVELS: 1.2660 1.2710 1.28001.2890 1.30471.3106