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EURUSD Trade in Play Today

EURUSD Trade in Play Today

2012-08-16 12:52:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Afternoon Technicals (all charts)

Other TA (crosses, COT, etc.)

I’m suspect of the USDJPY rally as long as price is below 8009. This advance follows the lowest 5 day range since mid-January (and lowest 20 day range since late December). Similar 5 day ranges (red dots on first chart) were registered in December and October. Each time, the initial move was wrong and completely retraced. This is a function of the false breaks that accompany markets undergoing a shift in volatility expectations.

The advance has extended today but a level that may produce a reaction is 7960, which is defined by the 61.8% retracement of the decline from 8062 and the 161.8% extension of the 7790-7879 rally from 7816.

The EURUSD is in play today. I favor shorts into 12330 with a stop above 12385 and a 12190 target.

USDJPY – Daily Bars

EURUSD_Trade_in_Play_Today_body_usdjpy.png, EURUSD Trade in Play Today

Prepared by Jamie Saettele, CMT

AUDUSD – Daily Bars

EURUSD_Trade_in_Play_Today_body_usdjpy_1.png, EURUSD Trade in Play Today

Prepared by Jamie Saettele, CMT

EURUSD – 60 Minute Bars

EURUSD_Trade_in_Play_Today_body_eurusd.png, EURUSD Trade in Play Today

Prepared by Jamie Saettele, CMT

To contact Jamie e-mail jsaettele@dailyfx.com. Follow me on Twitter @JamieSaettele

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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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