Chart Prepared by Jamie Saettele, CMT
FOREXAnalysis: There is no change to the EURUSD outlook laid out last week in the Daily Technicals and in Friday’s FX Technical Weekly. Look higher from the current level towards 13030 (61.8% retracement). Given event risk, I’d not be surprised to see an emotional market that spikes through that level and into 13065. Interim resistance is expected at 12975. Ultimately, the rally from Friday’s low is expected to prove corrective before lower prices are registered later in the month.
FOREX Trading Strategy: Longs were taken Friday and Sunday night (via Twitter @JamieSaettele) and focus is higher towards the mentioned 13030/65. I’m looking to flip from long to short within that zone, ideally on a Fed meeting reaction Wednesday.
LEVELS: 12837 12875 12922129751300813030
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.