Marc Principato, CMT
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Marc Principato, CMT in Marc Principato, CMT - SMB Capital,

EURUSD MAJOR SUPPORT LEVEL NEAR. SWING TRADE LONG POSSIBLE.


Trade better: Stocks, Futures, Forex


EURUSD has been in a corrective mode for a number of weeks now. Since the 1.3950 range resistance high. As it continues to test lower prices, there may be some buying opportunities for a swing trade long.

If price pushes into the 1.3650 - 80 area, this zone offers attractive prices for swing trade longs.  Besides a support zone which is based on a measurement of the previous bullish swing, there is also a major retracement level at the 1.3660 area.  

The combination of these supports is enough to justify looking for a long swing trade upon validation around these levels. Possible targets include 1.3765 and 1.3820. 
Since the broader picture on this pair is still considered bullish by the criteria of the methodology, there is a better possibility that price can go beyond these points and test the 1.3950 high.
Remember that swing trades can take weeks to play out so it is important to be patient, wait for validation and evaluate new information as it enters the chart.
If you would like to learn more about the methodology that I use to trade and conduct analysis, click here.