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EURUSD Encounters Resistance - Support Starts at 12920

EURUSD Encounters Resistance - Support Starts at 12920

Jamie Saettele, CMT, Sr. Technical Strategist

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The EURUSD has entered a near term high risk area for bulls defined by Tuesday’s high, last Friday’s low, the 61.8% retracement of the decline from last Friday’s high, and most importantly the opening range of the week. The run off of the low is constructive and setbacks should encounter support near 12921. 12887 would be of interest if reached. I’m still bullish but not to the extent that I was Wednesday or even last night. One reason for that is that EURAUD is nearing expected resistance from 12685-12721.

Other pairs on my watch list are AUDCHF, 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 (specifically 12721)

-EURCAD-resistance expected from 12718/61

-AUDUSD-resistance is 10330 and support is 10192

-EURNZD-resistance is 15865

-AUDNZD-reversed sharply from resistance (mentioned yesterday) and at 12500 support. Rally from the low is in 3 waves which suggests new lows ahead

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

EURUSD – 60 Minute Bars

EURUSD_Encounters_Resistance_-_Support_Starts_at_12920_body_eurusd.png, EURUSD Encounters Resistance - Support Starts at 12920

Prepared by Jamie Saettele, CMT

EURAUD – Daily Bars

EURUSD_Encounters_Resistance_-_Support_Starts_at_12920_body_euraud.png, EURUSD Encounters Resistance - Support Starts at 12920

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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