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Euro Remains Firm as Price Nears January High

Euro Remains Firm as Price Nears January High

2012-01-24 23:50:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Remains Firm as Price Nears January High

Prepared by Jamie Saettele, CMT

The EURUSD continues to hold up, having held support this morning at 12950. Near term focus remains on the early month high at 13076, which is reinforced as resistance from December congestion with a break above targeting 13200 (12/21 high and 11/25 low). Short term support is now 13010. Coming under 12950 would shift focus to 12875. Reward/risk and the uncertainty ahead of FOMC (tomorrow) preclude trades at the current juncture.

Bottom Line – flat

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