News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bullish
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Bullish
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • Traders in the Euro have a big decision to make this weekend: if EUR/USD hits 1.20, will it continue to advance, consolidate or fall back? Get your $EURUSD market update from @MartinSEssex here:https://t.co/8hAhguZcEA https://t.co/kwtatozp3z
  • The bullish engulfing candle is one of the forex market's most clear-cut price action signals for reversals and continuation. Learn more about this price action trading signal here: https://t.co/Yg6ecRZZNr https://t.co/9SdceNYUEK
  • The bull flag pattern is a great pattern to add to a forex trader's technical arsenal. Explosive moves are often associated with the bull flag. Learn more about the bull flag pattern here: https://t.co/yOEvLjKnct https://t.co/imv2PnapzH
  • Defensive stocks have proven critically important when navigating stock market volatility. Find out what are the most defensive stocks here:https://t.co/TMcbMALtbw https://t.co/mmldxxEtsc
  • Dollar Index has broken major uptrend support and risks accelerated losses into the December open. Get your $USD technical analysis from @MBForex here:https://t.co/Txo8l8S1f1 https://t.co/YLVzP95JH8
  • The MACD is an indicator that uses exponential moving averages (EMA) to determine trend strength along with entry points based on crossovers. Find out how you can use the MACD as a buy/sell signal here: https://t.co/qxnP99uqTQ https://t.co/tGVqSZ2zK3
  • Support and resistance are the cornerstone of technical analysis, making it the foundation that you build your knowledge on. Build a stronger foundation here: https://t.co/yXLaRpl90I https://t.co/reMoYpqkQO
  • Struggling to define key levels? Floor-Trader Pivots assist traders in identifying areas in a chart where price is likely to approach and can be used to set appropriate targets, while effectively managing risk. Learn how to use this indicator here: https://t.co/Ye4m1FMKUW https://t.co/sqeRL7Rf7u
  • Cyclical and non-cyclical stocks can help diversify a trader’s equity portfolio. Get your guide to understanding these stocks here: https://t.co/h7BKTd2J8N https://t.co/ukOW0dWJxf
  • Beautifully put. https://t.co/0fBsmUH6Pb
EURUSD Bullish Daily Momentum Profile Suggests More Upside

EURUSD Bullish Daily Momentum Profile Suggests More Upside

2012-10-11 13:43:00
Jamie Saettele, CMT, Sr. Technical Strategist
Share:

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 is nearly 100 pips off of the lows registered last night. Action remains constructive with price holding the monthly calculate pivot and more importantly the October low. Many have pointed out to me this morning that the decline from 13071 is in 5 waves. It is but it could complete a truncated C wave within an A-B-C correction. This example highlights the subjectivity that plagues most traders attempting to apply EW. EW is a useful tool, not omnipotent.

Simple observation of what has and has NOT happened goes a long way in deciphering the market’s message. The EURUSD has held the October 1 low (first day of month is the most probable day for a price extreme to occur for the entire month). The inability to break the October low on the back of the Spanish downgrade indicates resilience. The momentum profile remains bullish with daily RSI holding 50 (bullish RSI reversal signal as well). I could go on but you get the point…the weight of evidence in the near term (1-2 weeks) is bullish.

Other pairs on my watch list are AUDCHF, NZDUSD, AUDUSD, EURNZD, EURAUD, EURCAD, and AUDNZD.

-AUDCHF-looking to turn bullish at 9510/22 against 10/8 low

-EURAUD-looking to turn bearish above 12700

-EURCAD-looking to turn bearish above 12700

-NZDUSD-will 8238 hold as resistance? If not then resistance comes in at 8275 (currently short)

-AUDUSD-resistance is 10330

-EURNZD-resistance is 15865 (currently long)

-AUDNZD-resistance is 12577 (now) and support is 12500

‘Looking to turn bearish/bullish’ means that I’m watching pairs at the mentioned levels (if reached) for specific setups to define entries

EURUSD – Daily Candles

EURUSD_Bullish_Daily_Momentum_Profile_Suggests_More_Upside_body_eurusd.png, EURUSD Bullish Daily Momentum Profile Suggests More Upside

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.

DISCLOSURES