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EURUSD Holds Support on European Open

EURUSD Holds Support on European Open

Jamie Saettele, CMT, Sr. Technical Strategist

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The EURUSD fell sharply on the European open but as focused on during yesterday’s webinar, the area in front of 12900 is strong support. I’m continuing to look higher as long as price is above 12876.

Continue to look higher in the NZDUSD towards the 61.8% retracement which is now also defined by the 100% extension of the rally from the low (as long as 8189 holds).

Of interest at the current level is the GBPCAD. Support is defined by the 9/12-9/14 lows and 50% extension of the 16204-15466 decline (measured from 15988).

EURUSD – 60 Minute Bars

EURUSD_Holds_Support_on_European_Open_body_eurusd.png, EURUSD Holds Support on European Open

Prepared by Jamie Saettele, CMT

NZDUSD – 60 Minute Bars

EURUSD_Holds_Support_on_European_Open_body_nzdusd.png, EURUSD Holds Support on European Open

Prepared by Jamie Saettele, CMT

GBPCAD – Daily Bars

EURUSD_Holds_Support_on_European_Open_body_gbpcad.png, EURUSD Holds Support on European Open

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.