Chart Prepared by Jamie Saettele, CMT
FOREXAnalysis: I wrote last Thursday that “we got the low now the question is how significant is the low. It seems obvious that the decline from the November high is a ‘5’ but the truncation scenario would indicate the top is unorthodox on 11/21. Either way, look higher towards 10009/12.” The high on Friday was 10013 and near term focus is on the 61.8% of the swing from 9917, at 9954. Near term structure remains unclear.
FOREX Trading Strategy: Nothing.
LEVELS: 9891 9923 9945 10009 10044 10071
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
To contact Jamie e-mail email@example.com. Follow me on Twitter for real time updates @JamieSaettele
Subscribe to Jamie Saettele's distribution list in order to receive actionable FX trading strategy delivered to your inbox.
Jamie is the author of Sentiment in the Forex Market.
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.