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EURUSD Breakout Objectives at 12566 and 12753

EURUSD Breakout Objectives at 12566 and 12753

Jamie Saettele, CMT, Sr. Technical Strategist

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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

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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.