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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

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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.