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EURUSD Holds Support on European Open

EURUSD Holds Support on European Open

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.)

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

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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