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EURUSD Triangle in Fickle QE3 Headline Environment

EURUSD Triangle in Fickle QE3 Headline Environment

Jamie Saettele, CMT, Sr. Technical Strategist

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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

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Jamie is the author of Sentiment in the Forex Market.

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