EURUSD Tests Initial Resistance at 12500
Prepared by Jamie Saettele, CMT
Today’s webinar laid out a plan for buying USD dips going forward. The video describes methods that I use and what’s expected this week. Following the key reversal on Friday, the EURUSD extended gains Monday to reach 12500 resistance. Already over 200 pips off of the low, don’t expect 12500 to give way easily. 12450 is now support. Ultimately, the ideal short setup will occur on a test of 12625-12725 (stop above 12823). This area is defended by former pivots, the 20 day average and Elliott channel resistance. In summary, 12450 is support and 12625-12725 is resistance.
LEVELS: 12287 12385 12450 12500 12575 12625
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