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EURUSD Pressing Fibonacci Resistance and Former High

EURUSD Pressing Fibonacci Resistance and Former High

2012-10-16 16:42:00
Jamie Saettele, CMT, Sr. Technical Strategist
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The EURUSD has returned to the near term high risk area for bulls. The level is defined by the 10/5 high and 61.8% retracement of the decline from the high. While pattern and momentum are broadly bullish, there remain plenty of short term possibilities (triangle for example). For this reason, my stop on the long has been moved to 13014.

-AUDCHF-testing the much discussed 9510 level – this is support. If a larger rebound is in the works then we should know in the next few days.

-EURJPY-has entered a short term high risk area for bulls. 10322/30 is expected resistance if reached (high today is 10307). 10247 is near term support.

EURUSD – 240 Minute Bars

EURUSD_Pressing_Fibonacci_Resistance_and_Former_High_body_eurusd.png, EURUSD Pressing Fibonacci Resistance and Former High

Prepared by Jamie Saettele, CMT

AUDCHF – Daily Bars

EURUSD_Pressing_Fibonacci_Resistance_and_Former_High_body_audchf.png, EURUSD Pressing Fibonacci Resistance and Former High

Prepared by Jamie Saettele, CMT

EURJPY – Daily Bars

EURUSD_Pressing_Fibonacci_Resistance_and_Former_High_body_eurjpy.png, EURUSD Pressing Fibonacci Resistance and Former High

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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