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Jamie's Pick: 01/18/12

Jamie's Pick: 01/18/12

Jamie Saettele, CMT, Sr. Technical Strategist

I wrote yesterday that “the EURUSD ending diagonal pattern (from 13197) remains valid and the environment (spike low on news) is conducive to capitulation (may have already happened) and a reversal." The upside against the European (and daily low) at 12730. Support is 12780. A pop above Friday's high at 12878 could collect stops all the way to the mid 12900s. This trade idea was issued this morning via Twitter @JamieSaettele.

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