“The inability of the EURUSD to hold Monday’s low suggests additional downside into 12746-12823. This zone is defined by pivots from May and June that the market responded to before breaking higher this month. 12740 is also the 38.2% retracement of the rally from the June low and a former 4th wave; in other words, this level is probably a magnet.” Yesterday's low is just above the top of estimated support. Respect potential for a dip into the ‘magnet’ 12740/50 level. Doing so would present a long swing opportunity against the 9/7 large range day low of 12625. Near term resistance is now 12900/12.
Jamie's Pick: 09/27/12
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
