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EURUSD Breakout Objectives at 12566 and 12753

EURUSD Breakout Objectives at 12566 and 12753

Jamie Saettele, CMT, Sr. Technical Strategist

FXCM Expo Videos

Innovative Techniques with Traditional Technical Indicators

Trading with the Elliott Wave Principle

Seeing the Forest from the Trees: An Analysis of Global Markets

Afternoon Technicals (all charts)

Other TA (crosses, COT, etc.)

Near term patterns in the NZDUSD and EURUSD suggest the USD could slide a bit more. EURUSD levels of interest are 12560 and 12750.

The NZDUSD is pressing against short term channel resistance and may need a few thrusts higher to complete an impulse from 8060. Expect resistance at 8160.

The EURUSD thrust higher, although unexpected, probably composes wave C within an A-B-C advance from the July low (12041). The move likely extends a bit higher. 2 objectives are derived from traditional techniques (adding with of triangle to final pivot within triangle and breakout level); 12566 and 12753. Interestingly, these levels coincide with former pivots from early July (12558) and the former 4th wave of one less degree (12747).

Continue to keep an eye on the AUDJPY as well, especially 8400/80. As focused on last week, FX risk barometers are not confirming strength in equity risk barometers.

NZDUSD – 240 Minute Bars

EURUSD_Breakout_Objectives_at_12566_and_12753_body_nzdusd.png, EURUSD Breakout Objectives at 12566 and 12753

Prepared by Jamie Saettele, CMT

EURUSD – 240 Minute Bars

EURUSD_Breakout_Objectives_at_12566_and_12753_body_eurusd.png, EURUSD Breakout Objectives at 12566 and 12753

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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