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Jamie's Pick: 10/12/12

Jamie's Pick: 10/12/12

Jamie Saettele, CMT, Sr. Technical Strategist

The EURUSD has entered a near term high risk area for bulls defined by Tuesday’s high, last Friday’s low, the 61.8% retracement of the decline from last Friday’s high, and most importantly the opening range of the week. The run off of the low is constructive and setbacks should encounter support near 12921. 12887 would be of interest if reached. I’m still bullish but not to the extent that I was Wednesday or even last night. One reason for that is that EURAUD is nearing expected resistance from 12685-12721.

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