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EURUSD Action Around 12200 of Increased Importance

EURUSD Action Around 12200 of Increased Importance

2012-07-30 12:31:00
Jamie Saettele, CMT, Sr. Technical Strategist
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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.)

Keep abreast of the weekly, especially the 1995/96 USD model. The implications from the model are that the USD weakens (on balance) for another several weeks before ‘take-off’.

The AUDUSD remains well bid this morning as price nears the line that extends off of the July highs at about 10520 today. 10520 is also the 100% extension of the 10100-10444 rally. A reaction off of the level encounters support at 10420. 10600+ remains a level of interest for the end of the bull leg from 9580.

The EURUSD is weak this morning but support is expected from 12175-12215. To review, 5 waves up from 12040 favors additional upside. Always on the lookout for where I am wrong, a drop below 12040 wouldn’t necessarily lead to extended weakness as an alternate interpretation for the rally from 12040 is wave c of 4 (making a new low terminal in a 5th wave).

AUDUSD – Daily Bars

EURUSD_Action_Around_12200_of_Increased_Importance_body_audusd.png, EURUSD Action Around 12200 of Increased Importance

Prepared by Jamie Saettele, CMT

EURUSD – 60 Minute Bars

EURUSD_Action_Around_12200_of_Increased_Importance_body_eurusd.png, EURUSD Action Around 12200 of Increased Importance

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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