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Euro Struggling to Extend Gains is a Red Flag

Euro Struggling to Extend Gains is a Red Flag

2012-08-07 15:00:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Afternoon Technicals (all charts)

Other TA (crosses, COT, etc.)

Be careful with the EURUSD up here as it presses against resistance from late June lows. The 100% extension of the rally from the low looms at 12481 along with channel resistance over the next few days. While the EURUSD may extend into 12550 or even 12750, it’s unlikely that the path taken is directly from here. See the technicals for additional explanation. 12290 is support.

The big mover today is the Yen, which is down across the board. The bullish setup from the key reversal on the first day of the month remains in place and focus remains on former support at 7920 and the 61.8% retracement of the decline from 8062 at 7958. I do have my doubts as to the longer term bullish potential for the USDJPY given the 3 wave advance from 7765.

The EURJPY and EURAUD, which we’ve focused on in recent days, are working and focus remains higher.

EURUSD – Daily Bars

Euro_Struggling_to_Extend_Gains_is_a_Red_Flag_body_eurusd.png, Euro Struggling to Extend Gains is a Red Flag

Prepared by Jamie Saettele, CMT

USDJPY – Daily Bars

Euro_Struggling_to_Extend_Gains_is_a_Red_Flag_body_usdjpy.png, Euro Struggling to Extend Gains is a Red Flag

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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