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FOREX Trading: EUR/USD Continues to Fail above 13100

By , Sr. Technical Strategist
14 December 2012 14:57 GMT

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Comments from recent EURUSD technical updates remain valid - "I’d be surprised to see a sustained break through the December high (13126)...this is a high risk level and we should look lower." Zooming in on price action since 12/12, a triangle and terminal thrust into last night's high is visible. The thrust either completed the 5th wave from 12876 or a truncated C wave from the same level. In both instances, the immediate (1-2 days) outlook is towards at least 13040 and 12995. It’ll be interesting to see how the EURUSD closes the day and week in light of the trendlines currently in play.

EURUSD – Weekly Candles

FOREX_Trading_EURUSD_Continues_to_Fail_above_13100_body_eurusd.png, FOREX Trading: EUR/USD Continues to Fail above 13100

Prepared by Jamie Saettele, CMT

EURUSD – Daily Bars

FOREX_Trading_EURUSD_Continues_to_Fail_above_13100_body_eurusd_1.png, FOREX Trading: EUR/USD Continues to Fail above 13100

Prepared by Jamie Saettele, CMT

EURUSD – 15 Minute Bars

FOREX_Trading_EURUSD_Continues_to_Fail_above_13100_body_eurusd_2.png, FOREX Trading: EUR/USD Continues to Fail above 13100

Prepared by Jamie Saettele, CMT

--- 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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14 December 2012 14:57 GMT