Euro / Dollar Resistance at 12700-12800
The extraordinary long term bearish picture remains intact as per the EURUSD count shown above. Still, near term strength looks likely towards the 61.8 retracement above 12700. 12800 is also potential resistance. Clearly, price needs to stay below 13100 in order for the count as outlined above to remain intact.
Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Friday evenings), technical analysis of currency crosses on Monday, Wednesday, and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forum. He is the author of Sentiment in the Forex Market. Follow his intraday market commentary and trades at DailyFX Forex Stream. Send requests to receive his reports via email to email@example.com.
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