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FOREX Technical Analysis: Euro Focus Should on Selling Strength

FOREX Technical Analysis: Euro Focus Should on Selling Strength

2012-11-06 18:36:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Afternoon Technicals (all charts)

Other TA (crosses, COT, etc.)

FOREX Trading and Technical Analysis Observations

-EURUSD-as suspected, the print below 12800 led to a short term low in the mid-12700s. I’m expecting the recovery to run into offers between 12842 and 12882. Risk is to the downside as long as price is below 12982. Levels of interest remain 12740, 12650 and potentially the area just below 12500 (Fibonacci and former lows).

-USDJPY-the USDJPY has slipped lower and remains at a high risk area for bulls. The area is defined by the June high, which produced a sharp reaction. Although viewed constructively longer term, there is room for weakness into 7927/63, probably as a 4th wave. Respect this 4th wave interpretation as long as price is below 8067. Resistance is 8040/47.

-EURJPY-Risk is lower against 10399 towards 10060 and 9963. Near term resistance extends to 10330.

-NZDUSD-continues to press against the area that produced the September high(s). I’m looking lower as long as price is below the September high (8356). The first level of interest on the downside is 8110/30.

EURUSD – Daily Bars

FOREX_Technical_Analysis_British_Pound_Slips_in_Early_Week_Trading_body_eurusd.png, FOREX Technical Analysis: Euro Focus Should on Selling Strength

Prepared by Jamie Saettele, CMT

USDJPY – Daily Bars

FOREX_Technical_Analysis_British_Pound_Slips_in_Early_Week_Trading_body_usdjpy.png, FOREX Technical Analysis: Euro Focus Should on Selling Strength

Prepared by Jamie Saettele, CMT

To contact Jamie e-mail jsaettele@dailyfx.com. Follow me on Twitter for real time updates @JamieSaettele

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Jamie is the author of Sentiment in the Forex Market.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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