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EURUSD Measured Support at 12153

EURUSD Measured Support at 12153

Jamie Saettele, CMT, Sr. Technical Strategist

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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 has tagged the line that extends off of the July highs. This line, in conjunction with the 3/6 and 3/19 lows at 10509 and 10557 is a good place for the beginning of a larger pullback (probably a b wave).

The EURUSD continues to consolidate the 5 wave advance from 12040. A drop below 12225 could compose wave c and the end of a 3 wave decline from 12389. A measured level for support is 12154 (c=a). As such, longs are favored into 12150s against 12040. An objective remains 12550 (38.2% retracement of larger wave 3 from 13385).

AUDUSD – Daily Bars

EURUSD_Measured_Support_at_12153_body_audusd.png, EURUSD Measured Support at 12153

Prepared by Jamie Saettele, CMT

EURUSD – 60 Minute Bars

EURUSD_Measured_Support_at_12153_body_eurusd.png, EURUSD Measured Support at 12153

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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