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EURUSD Triangle in Fickle QE3 Headline Environment

EURUSD Triangle in Fickle QE3 Headline Environment

Jamie Saettele, CMT, Sr. Technical Strategist

FXCM Expo Videos

Innovative Techniques with Traditional Technical Indicators

Trading with the Elliott Wave Principle

Seeing the Forest from the Trees: An Analysis of Global Markets

Afternoon Technicals (all charts)

Other TA (crosses, COT, etc.)

The markets have a risk off feel with weak equities and strong bonds at the US open. However, it’s an odd day as the Euro and Kiwi are weak yet the Aussie is unchanged…precious metals are weak yet copper is unchanged.

I honestly 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). 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.

“THE MARKET(S)” a.k.a. “RISK” SNAPSHOT - 60 Minute Closes

EURUSD_Triangle_in_Fickle_QE3_Headline_Environment_body_all.png, EURUSD Triangle in Fickle QE3 Headline Environment

Prepared by Jamie Saettele, CMT

EURUSD – 60 Minute Bars

EURUSD_Triangle_in_Fickle_QE3_Headline_Environment_body_eurusd.png, EURUSD Triangle in Fickle QE3 Headline Environment

Prepared by Jamie Saettele, CMT

To contact Jamie e-mail jsaettele@dailyfx.com. Follow me on Twitter @JamieSaettele

To be added to Jamie’s e-mail distribution list, send an e-mail with subject line "Distribution List" to jsaettele@dailyfx.com

Jamie is the author of Sentiment in the Forex Market.

Meet the DailyFX team in Las Vegas at the annual FXCM Traders Expo, November 2-4, 2012 at the Rio All Suite Hotel & Casino. For additional information regarding the schedule, workshops and accommodations, visit the FXCM Trading Expo website.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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