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EURUSD Action Around 12200 of Increased Importance

EURUSD Action Around 12200 of Increased Importance

Jamie Saettele, CMT, Sr. Technical Strategist

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Afternoon Technicals (all charts)

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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

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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.