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Waiting on EURUSD to Tip its Hand

Waiting on EURUSD to Tip its Hand

2012-09-27 13:18:00
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.)

EURUSD 12740/50 remains of interest as support. The NZDUSD has traded through the 9/25 high and is testing the 61.8% retracement of the decline from the top. Support is now 8255.

12740/50 is the 38.2% retracement of the rally from the June low, June high (12747) and 9/10 & 9/11 lows (12754). I am looking lower against 12970.

As focused on in the technical last night – “The NZDUSD did hold the Monday low thus I’m inclined to look higher into month end. Expect a reaction at 8283/87 if reached (Tuesday high and 61.8% retracement of decline from the top). 8183 is obviously key to any bullish interpretation.” The NZDUSD has reached 8292. A dip off of this level would present another long opportunity against 8183. Support is 8240/55.

EURUSD – Daily Bars

Waiting_on_EURUSD_to_Tip_its_Hand_body_eurusd.png, Waiting on EURUSD to Tip its Hand

Prepared by Jamie Saettele, CMT

NZDUSD – 60 Minute Bars

Waiting_on_EURUSD_to_Tip_its_Hand_body_nzdusd.png, Waiting on EURUSD to Tip its Hand

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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