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Jamie's Pick: 07/18/12

Jamie's Pick: 07/18/12

Jamie Saettele, CMT, Sr. Technical Strategist

I have no positions at the moment and don’t see much opportunity in the current fickle, QE3, headline driven environment other than buying the overnight dips and selling the QE3 rips (selling overnight USD rallies and buying QE3 declines) on an intraday basis. I’m likely to remain focused on the EURUSD over the next week. The working assumption is that a triangle is unfolding as long as price is below 12316. Exceeding that level would face resistance at 12365-12400.

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